Bitcoin Mining – A Boon or A Bane?

Bitcoin mining is seemed to be a very complex and far-fetched topic to talk about.

You may completely avoid the Bitcoin phenomenon if you have no interest to know where the world is moving towards.

bitcoin mining

But if you want to know the world’s future, in fact, our future, you should pay attention to this matter.

Bitcoin Mining – The Power Hungry Network

You will literally freak out after knowing the fact that last year a single Bitcoin was valued around $10,000.

Isn’t it strange to know that something that doesn’t have a physical existence can worth so much? When this year started, it’s worth was around $1000.

So, just imagine how much it’s value has increased within these few months.

Bitcoin mining gives you the opportunity to perform financial transactions without the Government involvement.

Which means you neither require Governments to issue currency nor need banks to complete the payment procedure.

As per the experts, Bitcoin Mining will soon make the US dollar worthless.

What Is It Exactly?

The tremendous growth of Bitcoin has increased the extensive demand for computing power.

The hashing algorithm gets harder along with the growth of bitcoin.

That means you have to solve more complicated math problems in order to win more bitcoins. This whole process is called “Bitcoin Mining”.

bitcoin mining

Today, the amount of energy that is used by ten homes in the USA, one Bitcoin transaction consumes equal to that.

You will be shocked to know that the computing power of bitcoin network is 1,00,000 times more than the combined power of world’s 500 fastest supercomputers.

This power hungry bitcoin network is increasing its energy uses every day.

The world’s biggest bitcoin mining is in China where they convert energy from the hydroelectric dams.

So, just imagine how much energy our world is losing every day due to bitcoin mining and how much more it would require in future.

Bitcoin’s Proof Of Work

In case, you want to contribute a block to the blockchain of Bitcoin, you will give some hashing algorithm to solve.

Once you solve them the system allows you to add your block.

This whole procedure is called “Proof Of Work”. You win bitcoin as the reward for solving those math problems.

But there is a trick that you cannot make any trick. Yes, it is designed in such a way that it will require super intelligent computing knowledge to crack it.

Where Is The World Rolling Towards?

If the situation continues, by the end of 2019, Bitcoin Mining would require more energy than the whole USA consumes right now.

Again in 2020, it will increase to such a level where it would be equal to the powerful energy that the whole world is using now.

Therefore, the situation can be scary and the world is going towards destruction soon.

Already, several measures have been taken to decrease the amount of energy that one bitcoin transaction consumes.

Hope someday it will issue coins with lesser energy. The constantly increasing energy burden of Bitcoin is basically electrifying the world.

If you are a nature lover and enjoy relishing the nature activities, Bitcoin mining would not mercy you as well.

As the value of bitcoin increases day by day, its energy consumption tends to increase even more. This situation either has to stop or we have look for some other way to produce more electricity maybe.

 

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