If blockchain technology is going to live up to its promise then engineers need to solve one big problem: Bitcoin mining consumes way too much energy…
The original blockchain, which underlies bitcoin, runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimated.
Current mining costs in the US is on average over $ 3,000 per Bitcoin and in South Korea, the cost is a staggering $ 26,000.
Innovators from top institutions such as M.I.T. and Cornell University and large technology companies are developing a number of “green” blockchain innovations to address demand by businesses for blockchain that streamlines transactions of all sorts.
Blockchain can help automate transactions and records those transactions on a tamper-proof digital record available to all participants in a network.
Developers stressed that energy efficiency is key to scale blockchain technology for ever-expanding business needs.
The potential rewards are enormous for whoever creates the winning blockchain and who solves the energy usage conundrum.
Despite the high costs, a lot of interest remains in Bitcoin Mining which can still be lucrative with rising prices.
What is Bitcoin Mining?
Bitcoin is processed by computing power and recorded in a public ledger (Blockchain) with the help of a network of computers. The processing of Bitcoin transactions is termed ‘mining’. Bitcoin mining rewards people with computer power by generating BTC and giving fees paid to people who mine.
Learn more: – How to Bitcoin – Mining Bitcoin
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