Bitcoin energy consumption could drive innovation says research associate
Most individuals outside and inside the cryptocurrency industry are quite familiar with the concept of Bitcoin Energy usage. The more popular cryptocurrencies become the more this should increase the miners on the network looking to capitalize on the bitcoin transaction fees. This will increase the reward payouts, in addition to raising the hashing difficulty of cryptocurrency mining.
This will cause the mining of other rigs that are more powerful, to be able to mine bitcoins and other cryptocurrencies more easily and with less energy consumption. Contrary to popular thought, mining does not have a very high electrical cost or environmental cost. Relatively, the production of cryptocurrency is more efficient than maintaining the banking system as a whole, and there are many cryptocurrency projects that are based on proof-of-work systems.
Use case and experimentation with cryptocurrencies
Through my years with cryptocurrency and the blockchain technology I have also taken into account the cost of mining. The proof-of-work features of mining will have its specific place in society. As some people know Bitcoin can be mined using Re-Energy.
A few years ago I wrote on this topic on how companies especially energy-related companies will be able to mine cryptocurrencies using Re-Energy. It is very interesting to see where proof-of-work cryptocurrencies will be going in the next few years. Energy cost will not become much of a big issue in the near future, there is a lot more talk or focus on the blockchain at the moment and investments.
The technology has a lot of useful applications for value creation and value transfer, but there are projects that are creating tremendous value for the industry. A researcher out of the University of Pittsburgh wrote an article for the outlet The Conversation where she suggested that people should have a more deeper understanding about the impact of digital currencies.
What is your opinion on the energy mining of cryptocurrency? Share your thoughts in the comment section below.
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