Crypto Miners: Elon Is Right, Mining Is Supposed to Evolve, and It Is
June 21, 2021 by Scott
Elon Musk recently brought up the genuine power consumption issue with mining Bitcoin, and cryptocurrency miners finally woke up. They should, at least as far as this is the time of transition anyways. Ethereum is forking, moving soon to full staking, and is facing having yet another classic version. That is both good and bad, but also not needed.
Also see: Hoskinson Has a Few Recommendations for Bitcoin Cash (BCH)
Bitcoin & Crypto Miners Needed the Nudge Musk Gave
Cryptocurrency mining of nearly all types is supposed to evolve. Many miners have spent over a decade building this infrastructure worldwide. You have found the best power costs, transforming at first basic setups into advanced data centers. Usually, you were going renewable—with notable exceptions like Atlas Holdings, which I will return to later in this piece.
China is forcing the closure of bitcoin and other cryptocurrency mining operations due to power consumption concerns partly. Also, this is to call Elon Musk’s hand somewhat. To see if he is weak and will dump BTC and other cryptos if they flex. They have been calling him arrogant and bashing Tesla in Chinese state media lately; what better way to hurt Musk than make him second guess cryptocurrency investments and support?
The mass shutdown of mining power in China does not threaten decentralization. On the contrary, it opens up opportunities for broader decentralization. It also shows that it is past time to start the change to more services offered by data centers specializing in blockchain, such as AI, storage, processing power, etc.
Building up connected tech resources and prowess never meant running only ASIC rigs forever, at the highest power consumption possible. So yes, Proof of Work has a place. Yet now, it’s as I’ve said over the years: It’s not bitcoin or cryptocurrencies’ values that make them so valuable. It’s the technology and all the freedom of data and intellect it brings.
Now It’s Time To Fulfill What Cryptocurrency Miners Are To Become
There’s the decentralized network of hosts of mining power, yes, but also hosting nodes, custom blockchain storage by the professionals that secure it, professional blockchain storage. So supplying node hosting of all sorts is going to be essential.
Now that blockchain tech is everywhere, data centers with high bandwidth, optimal uptime, high capacity installations that can provide complete back ends for everything are needed. From PoW mining to CPU processing power, GPU power, storage, and more are in demand.
Cryptocurrency Miners, You’re Perfectly Positioned To Do This. It’s Time.
When Ethereum goes to PoS (proof of stake), storage and uptime will be essential. GPUs can mine altcoins that will require it, power AI, power DAPPS, FPGAs the same. ASICs rented to any of the various upcoming private blockchains and public ones that desire decentralized security of ever more power-efficient and renewable PoW on top of profitable public chains we have now, with more to come. Current AI patents in blockchain technology give you valuable tools for managing multiple blockchains and more right in your data center. Purpose-built and near-infinite in their adaptability and possible uses.
Bitcoin Mining and Data Centers Need to All Get Renewable Soon Anyways
This work comes to the negative of it all, which prompted my remarks about Atlas Holdings in Torrey, NY. As shown in this Ars Tech report, they have locals agitated. I don’t blame them. Nevertheless, here’s where we fulfill the promise of crypto mining.
By evolving into the complete, specialized data centers envisioned, you open up the opportunities you’ve all worked to achieve. Instead of employing only 12 people total in Torrey, NY, after a considerable upcoming expansion, Atlas could hire over 100 by evolving the usage of their capabilities. All those different services and blockchains need experts. You’re the experts.
The Future is Data-heavy and Electrified
Atlas could, and I hope it’s thinking ahead. I am adding in this. So many crypto mining projects were already going renewable. Owning your utility gives you the excellent opportunity to help not only yourselves but the community – and to grow, not stagnate.
Crypto is up, and while it’s going to stay volatile, most crypto miners know it’s time to invest. Invest along with the local communities you all are in into building renewables like wind and solar to retire coal and gas plants you own.
Atlas owns this utility. They even can get grants for public utilities to upgrade and or replace legacy systems with renewable. You’re just downstate from me, where wind and solar work great. Communities are setting those up all over, and you could invest a percentage of your profits into your local green power initiatives and even speed up the transition to more than enough green power to replace your gas-fired boiler. By investing where you mine, you keep decentralization accessible and sustainable.
You can also offer to hire people from the local colleges and high schools for these 100+ tech jobs you’ve now created. Thus, you are further growing the communities and your opportunities together. This buildup is already worldwide, where there’s a cryptocurrency data center.
Whether you like it or not, you have to evolve. Even bitcoin mining will be all about fees, storage, building DAPPS, end user interfaces and synchronization of the blockchain. Building out now is what this moonshot that over $30k bitcoin value gives right now.
Elon Is Right but Seeing the Evidence of This Mining Evolution Is Key
Governments won’t ban it as it’s too late. The blockchain too versatile. It is getting embedded in everything. Regulation is fine. The many services like Coinbase, Blockchain.com, and Gemini, with many others, produce compliant tax reports for tax season. So that’s not an issue either. Regulation brings acceptance of blockchain and cryptocurrency with all its promises.
Elon knows better than everyone the need for computing power, storage, and more is skyrocketing for AI and other applications. Seeing cryptocurrency miners’ evolution into robust, specialized data centers, we dreamed of starting with the added benefits of satellite internet, satellite blockchain hosting, and more. Instead, it draws more people like Elon to the industry while showing it can go greener and evolve into the data centers needed. That will give Elon and those like him even more confidence in bitcoin, cryptocurrency, blockchain technology, and all that comes with it. It’s the confidence of now over a decade worth of mining for some of you.
A good example of an NFT at work.
It’s a technology that allows an idea to be shared, its data and story of creation timestamped from near inception, allowing all this and proper custody of rights. The NFT can even be attached to real-world items.
What’s vital is that any idea, like that joke you came up with one night after too much kush. You jot it down and upload it to your favorite NFT service. Now an infinite number of things can happen here, but a few are likely. First is years later, you see it used in a TV show. You can prove prior rights. Or one of your buddies keeps making fun of you for it until it gets meme weird. Some people made bank on that, though.
Better yet, because it’s there in digital format, with clear ownership and possibly sales info, a studio writer for a sitcom needs a bizarre joke. They run across your joke browsing for one-liners to buy or license on the NFTs sales site. They purchase it or get the right to use it from you. The ways you can use NFTs are nearly endless. Because you claimed that joke/idea you have as an NFT, it may touch others in the same way while getting you credit.
Sometimes That Means Real Value With NFTs
See, it’s simple. You literally can claim any idea, digital art, physical art, joke, and more that you create.
This security will be even more key for those traveling in space. Digital art, science, and other creations made on digital devices will orbit the Earth, The Moon, and Mars with astronauts. An excellent way for these space artists, scientists, builders, and more to share and get credit for their work will be blockchains. They synchronize to the most up-to-date block per position in spacetime, which would be great for those with significant communication time lags. Just synchronize to the closest satellite that hosts the NFT blockchains, synchronized with the powerful decentralized data centers on earth hosting the blockchains and processing the data and transactions. All these people zipping between Earth, The Moon, Earth Orbit, Mars, and other places will be able to share and save securely with blockchain technology much better than traditional methods.
Cryptocurrency and Bitcoin Miners, you can host all of this earthside along with terrestrial customers. You are supposed to host all of this. Look beyond. Those looking to the stars are looking at you. Show what got us here. Fearless evolution.
For cryptocurrency miners’ evolution, there are 1000s of different crypto projects, with more to come. Why give Amazon, MS, Oracle, and others all the business when you all built the decentralized network within and around them. Most importantly, you built it without them. Just finish making it sustainable. You’ve got your moonshot; look at the vast options right in front of you………………
Vires in Numeris
Will bitcoin and cryptocurrency miners evolve or fade away? Let us know on social media.
Images via Pixabay , human-resonance
