Why can Bitcoin mine (why does Bitcoin mine pollute the environment)
Why can Bitcoin mine? Why can Bitcoin mine? We can translate this topic into Chinese today, which means “digging coins because you want to mine” At the beginning of Bitcoin’s birth, people believed it was a tradable currency and an asset, so many people attributed this value to one word: decentralization, anonymity, security, and efficiency – this is one of the concepts created by Bitcoin. But now, because of the security problems of the Bitcoin network itself, Cryptography principles and other reasons, it has become unstable and the price has plummeted. Therefore, the reason why Bitcoin cannot be mined – economic losses and energy waste caused by mining
However, as the digital gold of the crypto world, Bitcoin is not simply able to exchange 1:1 with Fiat money (also called token), but can guarantee the tamper proof and permanent records through blockchain technology. Bitcoin does not have any entity or institution to maintain its own ledger or other things. In fact, as long as enough people are willing to believe in it, they can fulfill this promise and have ownership, which is why Bitcoin cannot be used as a means of payment. Why use Bitcoin as a payment tool? To solve this problem, it is first necessary to understand what Bitcoin is
Bitcoin is a peer-to-peer Electronic cash system and one of the pillars of most financial systems in the world at present, and its underlying technology is a new patent developed by Tesla, an American computer hardware company. The bill stipulates that “every device must have software with complete security, reliability, and integrity to run.”
In addition, over time, more and more commercial applications are attempting to use Bitcoin as a settlement service provider, making Bitcoin the mainstream. In theory, payment systems created based on blockchain technology can effectively reduce costs, enhance trust, and even provide infrastructure for financial services to millions of people worldwide. At the same time, it can also make it easier for more consumers to participate in the payment ecosystem. (I am the author Huang Xuejiao, reporting/communicating on blockchain projects can be added to WeChat hxjiapg, please note the position and reason)
Why Bitcoin mining pollutes the environment
According to CCN, Bitcoin mining has caused huge carbon emissions globally, and these questions are related to its own pollution of the environment
As countries around the world are increasingly strict in the regulation and policy formulation of the Cryptocurrency mining industry, many countries have begun to pay attention to this topic. But this does not mean that they will prohibit or restrict the adoption of Bitcoin According to reports, countries such as the United States, Canada, and the United Kingdom have taken measures to crack down on unlicensed encryption businesses, including companies operating them through illegal access to electricity. Nevertheless, these countries still believe that they can legally carry out their work According to data from Cambridge University, there are currently over 100 megawatts of renewable energy used to mine BTC and LTC blocks. Therefore, Bitcoin mining consumes much more energy than any other industry or region In addition, as most Bitcoin networks are built on the PoW consensus algorithm, “Bitcoin is the next milestone in blockchain technology”, which allows for less efficient computing power, making the entire system more efficient and cost-effective. Although we do not intend to view mining as a technology, if we consider companies that may damage the Earth’s ecosystem
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