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Bitcoin has always made news in the media. This time again for its highest price, making the market sensation. However, when it comes to energy consumption for Bitcoin mining, the digital currency is always at the receiving end. We see all the bashing elements damaging things from bad to worse. However, amid all the mess and chaos, we see some excellent voices coming into the picture. We hear the voices within the groups like Tech Dirt and Ars Technica, which have given many researchers and experts in the market. These have embarked with decent recommendations to the miners during the spring season. In a sense, we have seen some good outcomes coming out from the said recommendation. They pointed out the energy consumption witnessed last Christmas with the artificial trees. But then we heard a counterargument coming from the detractors. We will now see what they say in detail, and you can explore on sites like this trading App.
Bitcoin on receiving end
Unfortunately, Bitcoin has remained on the receiving end as far as energy consumption is concerned. The detractors defied the reasonable argument that the BTC defied in their ways. They feel that mining also has serious environmental issues, including saying that it can boil the seawater. However, the people supporting Bitcoin and mining have a different claim. They feel that the coin can turn the table in utilizing the energy in the right way. They feel that boiling the seawater is a fallacious statement and has not happened earlier. However, if this exists, the boiling war in the sea has a good application in many ways. As per Moore’s Law, the fact of the matter is that we have a revolution waiting to happen from Bitcoin. It can add a good explosion in the market and help create a clean and green efficiency.
We know that the heavy industry also consumes electricity and becomes energy efficient. The reasons are evident as we see too many heavy industries are now adding up high electrical costs that further cost in a big way for the electricity. With this idea of relying on chemicals for energy generation, we see chaos. That also remains very cost-effective and do not push any mess. These industries are now slashing down the efficiency cost and adding many more things that remain very affordable due to the production that may become more efficient at the end of the day. There is a constant rise in supply, and then we get the reward that we have cheaper models for energy generation. The options like solar and wind energy can help in the mining process of Bitcoin. However, as we know we have issues with energy storage, we will need more time to pass along the right way.
The energy debate
The cost of electricity generation is on the higher side despite the subsidy from the government. It is valid for heavy-based industry owners. They end up paying huge money for energy consumption, and it helps them to decide on affordable solutions. You know how industries work; they survive with a workforce and its people. These industries come along with a good amount of customers as well. Also, the industries want to stay at places where the customers want to stay and keep things alive and active at places where transport and other things remain affordable for them as well. However, electricity is equated to any heavy industry domain in Bitcoin mining. They consume electricity that can range between 30 to 60 per cent of the entire operation costs.
At the same time, the miners do not care about the location. They have nothing to do with the customers base as it remains a different story to tell. Their working and requirements are far different from the heavy industry function and sustain. We know Bitcoin to be virtual, and they have two extensive inputs to keep the ball rolling. These include the hardware and electricity and the network latency that come without a truck full of rod and iron. It is how things work mining process. Many areas in Bitcoin mining remain away from the clutches of energy consumption, and we see a revolution waiting to happen.
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