Bitcoin mining is an exceedingly debated subject as the environmental toll of bitcoin mining is on a roll these days.
However, the fact might stun you that to discuss the impact of bitcoin mining and decision on bitcoin mining; crypto enthusiasts have made groups and discussion forums on social media platforms; you might be wondering why.
Bitcoin mining impacts the value of bitcoin and other cryptocurrencies to an exceeding extent; any discussion regarding bitcoin, including a statement of renowned market players, impacts the value of bitcoin significantly.
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Bitcoin mining energy consumption has impacted the environment in an enormous amount. If bitcoin mining sustains similarly as per the robust sources, it can move the temperature of global warming by 2 degrees Celsius.]
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The only reason alleged for the energy consumption of bitcoin mining is proof of work but is it the actual reason? Let’s check out the facts.
POW
The core notion of proof of work was introduced in the marketplace before bitcoin or any virtual currency. However, proof of work is the essential component of the bitcoin complex; you might wonder what proof of work refers to.
Proof of work is demonstrated as the allowance to any individual to involve or participating in a bitcoin mining network if equipped with computing capital.
To sum up, the proof of work of bitcoin allows every miner to mine bitcoin if these miners have a robust computer system and there is no specific qualification to mine bitcoin at all. Thus, even you have not completed your high school education, you can mine bitcoin.
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The allowance to any individual has led to an exceeding extent of chaos in the bitcoin mining industry as from individual to gigantic firms; everyone is considering participating in bitcoin mining to avail the maximized revenue and profits. To stand out amongst this chaos, miners compete with each other to mine bitcoin in the very first place.
Miners mining bitcoin have to solve a math equation by guessing a nonce value, and the miner who guesses the value at the very first place avail bitcoin as the block reward, and the energy and resources spent by other miners is just total waste as the only miner either an individual or a mining pool wins the race by guessing the number at the very first place.
This is how proof of work is responsible for the energy-guzzling progression of bitcoin mining.
Is Only Proof Of Work Responsible?
Proof of work is the root reason for the energy consumption led by the bitcoin mining progression, and this root led to further branches.
Due to immense chaos in the bitcoin mining industry, miners blazed the trial of utilizing a specialized bitcoin mining rig in order to stand out among the crowd and avail of the block reward.
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Undeniably the potential of bitcoin mining specialized rig is much more in contrast to the standardized graphic processing units; all the more, it is exceedingly effective, but this is correspondingly underlined as one of the prominent reasons for energy consumption of bitcoin mining.
The Environmental Toll of Bitcoin Mining
Bitcoin mining is possible with any energy source, and the utmost accessible source of energy is underlined as electricity. The consumption of electricity has correspondingly led the fossil fuel burning and which further led to an exceeding extent of greenhouse gas emission.
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The fact might stun you that a single bitcoin transaction leaves a carbon footprint equivalent to 100000 hours of watching YouTube, yes you read it right. Obviously, it is not the verification part; it is the validation part that is performed by the bitcoin miners.
Is Proof Of Stake A Solution?
Proof of stakes is an innovative technology introduced subsequent to the proof of work. Proof of stakes is a bit similar to the proof of work, but it does not allow every miner to participate in the bitcoin mining progression, and the technology will appear in the upcoming model of ethereum.
Proof of stakes will allow a limited number of miners to participate in the activity. To sum up, yes, the proof stake can be the solution to the enormous energy consumption of bitcoin mining.