Blockchain in Africa is not merely just about saving money, it is also about creating more transparency and promoting a sense of accountability with the purpose of providing a better life for African citizens.
Bitcoin mining has provided a way forward for numerous individuals, communities, and economies. However, when considering the great amount of electricity consumed, the prospects do not seem as feasible, nor does it seem sustainable.
This has led to conceited efforts in looking towards alternative energy generation to drive Africa and push Bitcoin mining to the next level in many African countries.
Bitcoin mining farms have increased greatly on a global scale for the purpose of mining Bitcoin in bulk. These farms are spreading faster in countries such as Egypt due to lower electricity fees.
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Apart from generating electricity to support Bitcoin mining in a sustainable manner, there are already existing issues with the supply of electricity in many African countries where there are very few solutions.
There are around 600 million people who reside in Sub-Saharan Africa and while the forecast is that around 1 billion people in the region may have access to electricity by 2040, this still means that there will be around 530 million who will not have access due to population growth.
Solar energy has emerged as a viable, feasible, and sustainable option for combating electricity issues in numerous African countries. There are already several projects which have been established to aid electricity supply and drive Bitcoin mining forward.
Morocco has an 800MW Noor Midelt Solar complex while Seychelles is planning the first floating solar project which is expected to produce around 5.8GWh electricity annually.
In Kenya, Bithub Africa has made use of solar power to mine cryptocurrencies since 2018. The hope with this initiative was to spread it across Africa to other countries to promote Bitcoin mining, address electricity shortages, and move towards a ‘greener’ future.
With the establishment of more solar plants, it will also significantly lower the cost of electricity, which will subsequently aid in the establishment of more mining pools or Bitcoin farms in African countries.
With the world moving steadily into a more digitalized future, more renewable sources of electricity need to be explored and established, not only to drive Bitcoin mining, but to solve common problems such as electricity shortages in numerous developing countries.