2018-8-6 16:00 |
The soaring cryptocurrency prices in 2017 were enough incentive for people to start mining digital coins on their own. However, it soon became apparent to those who did not alrady know that mining is a very energy-intensive activity and is a big contributor to the pollution problem facing the planet. That is why Bitcoin Green, a purported blockchain solution for sustainable cryptocurrency, has been developed and will run in a new energy-efficient “proof-of-stake” infrastructure.
Environmental Impact of Bitcoin MiningIt is common knowledge that mining of minerals and metals has a negative impact on the environment. Mining operations sometimes destroy local ecosystems by uprooting entire forests. In addition, the mining process may allow harmful chemicals to infiltrate surface and groundwater, which could lead to the contamination of large areas and threaten the health of the local population.
People might assume that its digital counterpart — mining of cryptocurrencies such as Bitcoin and Ethereum — is not harmful to the environment as the actual mining of mineral resources in the real world. After all, these crypto-mining operations are all done digitally. However, the reality is that mining these digital currencies indirectly adds to the worldwide pollution problem.
Mining cryptocurrencies is done by solving complex mathematical equations on a computer. Unfortunately, this process is very energy intensive. If Bitcoin were a country, according to Grist, its energy consumption would be on par with the consumption of the entire nation of Austria and would be ranked the world’s 39th biggest energy-intensive nation. Since most countries still produce electricity from fossil fuels, this means that mining Bitcoin is actually harming the environment by adding more pollution to this already very polluted planet.
And it only gets worse if things remain as they are. According to the launch video of Bitcoin Green, mining and using Bitcoin would consume more energy than all the countries in the world by 2020.
Bitcoin Green is very excited to announce our first video explaining the $BITG mission! Watch this video to learn more about the project: https://t.co/k4620eUSdc
— Bitcoin Green (@btc_green) June 22, 2018
Bitcoin Green and ‘Proof-of-Work’ StrategyThe problem lies in the “proof-of-work” mining strategy — which leaves a major carbon footprint — being used by Bitcoin. According to Bitcoin Green, the strategy is too energy intensive, and the only way to save the planet is to abandon it and replace it with a new, more energy efficient one.
For that reason, Bitcoin Green is introducing a new structure it calls “proof-of-stake” strategy. While the company is yet to release the details on how this system works, it is so efficient that its energy consumption could fall 10,000 fold.
In an email to Grist, Bitcoin Green spokesperson Daoud Schelling wrote:
“Proof-of-stake democratizes the mining process by allowing anyone to mine without the need to purchase expensive hardware, facilities, or technicians. Proof-of-stake also consumes effectively no energy, and significantly reduces the carbon footprint of blockchain networks.”
Bitcoin Green Introduces Less-Polluting ‘Proof-of-Stake’ Crypto Infrastructure was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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