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Bitcoin mining reportedly accounts for more energy consumption than many of the world's nations. The bitcoin fork forum effect of this activity can't be overlooked.
Bitcoin might feel bitcoin fork forum bit like gold lately, but its rise has not made it very green. In November, a report was published that indicated that activity related to the cryptocurrency exceeded the energy consumption of countries around the world.
However, it may be reductive to look at the energy consumption of bitcoin mining purely at the surface level. The real issue is the fact that a large proportion of bitcoin fork forum electricity used bitcoin fork forum generated via fossil fuels.
But bitcoin fork forum if the cryptocurrency were bitcoin fork forum be mined using renewable energy, would the problem be solved? Nadine Damblon is the co-founder of a startup called HydroMiner that specializes in bitcoin mining using hydro power stations. According to her, the energy situation is a little less dramatic than it might seem.
She argues that as cryptocurrency evolves, more efficient hardware will be introduced that requires less energy. This argument — that as hardware improves, bitcoin fork forum mining will use less electricity — is a pervasive one. He says this is because mining has become increasingly reliant on specialized equipment. It seems unlikely that serious miners would cut down on their efforts simply because they can use less electricity in the process.
This means that even as hardware gets more efficient, there will be no drop in consumption — and that could mean that this problem will only get worse. Even if we were able to swap the whole Bitcoin network onto renewable energy, de Vries still sees there being a problem. Proof of work is the system that Bitcoin uses to verify transactions, one of the core tenets of its operation.
Proof of stake gives more mining power to those who own more of a cryptocurrency. De Vries says that bitcoin could be By forking the cryptocurrencybitcoin fork forum changes could be implemented without affecting its overall stability.
It certainly seems that something needs to change if cryptocurrency is to be sustainable in the long-term. That said, it remains to be seen whether action will be taken before usage swells furtherand its energy consumption grows even greater. Several members of the Futurism bitcoin fork forum, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content. Brad JonesWriter for Futurism.
This article is published in collaboration with Futurism. The views expressed in this article are those of the author alone and not the World Economic Forum. We are using cookies to give you the best experience on our site.
By continuing to use our site, you are agreeing to our use of cookies. Our environment Something needs to change if cryptocurrency is to be sustainable in the long-term. Brad Jones Writer for Futurism.
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