You know what exactly Bitcoin is right? To be direct, it is basically a “cryptocurrency” which means a secret computer money which doesn’t have a physical form but worth even more than $15,000. Can you own that money? Yes definitely, you can get it from the online exchange. Now you must be wondering how is it relatable to my topic “Bitcoin’s Global Warming”? I will explain it to you in this article.
Bitcoin mining is currently using more electricity than Serbia. It has been reported by the Cryptocurrency Website Digiconomics.
There are more things to freak you out.
After a detailed calculation, it can be said that by 2019, Bitcoin would require more electricity than the whole United States.
Also, probably by the end of 2020, it would ask for electricity that the world consumes right now.
This clearly means Bitcoin alone discharges around 17.7 million tons of Carbon dioxide in a year.
Undoubtedly, this would affect the Earth’s climate. Now you get my point of writing this article about “Bitcoin’s Global Warming”?
Bitcoin’s Global Warming – How Do You Define It?
Anyone who enjoys the fresh air, forest view, coastlines etc, Bitcoin doesn’t show any mercy to them. The main aim of its P2P network is to convert all the energy in the world to be converted into Bitcoin.
For your kind information, it is ready to pay a phantom value to those greedy geeks to perform this task more efficiently.
Though the World is still not aware of Bitcoin’s Global Warming effects. This digital currency is untraceable and trustworthy at the same time.
But what is the use of Science if it is destroying half of our nature? Until and unless the social awareness arises among people, it is impossible to fix it.
The Blockchain That Makes The Bitcoin Bitcoiny
The blockchain is a secure ledger that maintains the payments and traders data. This is the main source of Bitcoin’s Global Warming.
Generating and maintaining the Blockchain is the key point of the P2P Bitcoin network.
Anyone can technically contribute a block in the chain. But there comes the turning point.
You have to solve some real hard maths problem in order to contribute a block.
A “hashing algorithm” called SHA-256 will be given in front of you, and solving it is almost impossible for the normal people like us.
Once you successfully solve the critical math problem, you validate a bunch of transactions.
And if the system chooses your block to add it to its chain, you win some bitcoin. This is basically called mining.
Bitcoin’s “Proof Of Work”
The whole idea of imposing “hashing maths” and winning bitcoin is called “proof of work”. But the sad story is, you can’t trick your way in terms of solving that math problem.
The SHA-256 algorithm is designed in such a tough way that it needs cloud computing to solve it.
The hashing math problems will get extremely harder and the size of the Bitcoin reward cuts into half in every four years.
Destruction That It Creates
It is noticed that the highly advanced bitcoin miners spend 0.3 watts per gigahashes.
In short, the basic sketch is 13,600 petahashes per second with 234 KWh consumed by each transaction.
As the power consumption is going higher, the Bitcoin miners are building ASIC in cheap electricity areas. These are the places where they can bring more servers online and mine more bitcoins.
As per the expert opinion, Once the price of Bitcoin stabilizes, the net worldwide energy will start decreasing.
So, the main culprit behind so much energy consumption is the hard maths problem.
There may be some other cryptocurrencies that consumed lesser energy and they can do the trick to deal with Bitcoin’s Global Warming.