Bitcoin Mining Isn’t Wasteful — It Creates Abundance
The role mining can play in enabling energy grids to provide greater utility at lower cost is completely misunderstood.The mainstream media mistakenly portray bitcoin mining as wasteful. Nothing could be further from the truth. Bitcoin mining provides an economic bid for otherwise unusable, excess energy. Bitcoin will propel humanity to abundance. “Bitcoin Mining isn’t wasteful” — an AI-generated image by DALL-E, OpenAI** To discuss bitcoin mining, one must first understand how it works: Proof-of-Work and the difficulty adjustment.How Bitcoin Mining WorksBitcoin is a new type of money....
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Wyoming is a potential hotspot for bitcoin mining, with the state’s abundance of natural resources and energy.
Proof-of-Work (PoW) cryptocurrency mining has been the subject of bad press in recent times. Critics argue that excessive energy consumption, and its use of fossil fuels, are wasteful and causing irreparable damage to the environment. But, UK-based entrepreneur Josh Riddett hopes to change that with his renewable energy business, which turns cow dung into energy […]
Is the cost of proof of work in bitcoin mining fair? Tomaso Aste of the UCL Centre for Blockchain Technologies at the University College London’s Department of Computer Science thinks the current cost large and wasteful, but nonetheless, fair. Aste recently examined the factors that determine the current proof of work cost in a study titled “The fair cost of Bitcoin proof of work.” Aste noted that bitcoin has proven that untrustful peers can exchange value over the Internet without any third party intermediary or trusted authority, as bitcoin has surpassed $10 billion in capitalization and....
Bitcoin is often slammed over its high electricity consumption. Critics argue this is wasteful and unsustainable in the long term. However, in an unusual twist to the environmental debate, it turns out that fracking companies are utilizing waste gas to power Bitcoin mining rigs. Bitcoin Mops up Waste Gas The shale industry is in a […]
The bitcoin mining cyclicality has been prominent for a while now. This has followed the different bull and bear cycles in the space. These cycles of abundance and lack have greatly impacted the profitability of these miners. So in this report, we take a look at this cyclicality and the factors that drive it. What […]