Tesla CEO Elon Musk rattled cryptocurrency prices when he announced the electric vehicle maker won't accept bitcoin until mining becomes more environmentally friendly. But rest assured that crypto mining will become more efficient.
And if the cloud giants don't see crypto mining as a market, there will be specialized players. For instance, Cipher Mining, a unit of Bitfury, announced a merger with Good Works Acquisition Corp. to create an industrial-scale Bitcoin mining operation in the US.
Cipher Mining will be US-focused and has sites planned in Texas and Ohio. Parent Bitfury has built crypto mining data centers in Iceland Canada, Norway, and elsewhere.
Just as cloud providers are automating data centers for energy savings and efficiency, crypto miners will do the same. Sustainability equates to profit margins and that means Musk's concerns are likely to be addressed sooner than you'd think.