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Introduction to Bitcoin Mining System
The Bitcoin mining system refers to the use of computer hardware to carry out mathematical operations for the Bitcoin network, and miners who provide services during this process can get a reward. Since the number of issued tokens is calculated based on the tasks completed by miners, the competition for mining is fierce.
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Power consumption forecast
According to statistics, Bitcoin and Bitcoin Cash currently consume about 70 terawatt-hours per year (1 terawatt-hour = 1 billion kilowatt-hours of electricity). This means that the Bitcoin network requires more electricity than the entire countries of Switzerland and the Czech Republic consume.
There is a view that the electricity consumption of Bitcoin will be equal to the global electricity consumption in 2020. But Morgan Stanley (International Finance Corporation) said: "Looking at mining power consumption linearly is wrong becauseThis industry will also develop new hardware and implement a series of practices to improve energy efficiency, so as to have a more competitive advantage.They added that this phenomenon has also occurred during the high-growth period of industries such as cannabis cultivation and data manipulation.
energy trends
Bitcoin miners are looking for areas with cheaper electricity, where renewable energy can bring lower mining costs. As we all know, China is rich in coal resources. If the proportion of renewable energy in China increases, it will have a greater impact on the Bitcoin mining industry.
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How much impact does Bitcoin have on the environment?
Many media believe that Bitcoin has a great negative impact on the environment. However, compared with the legal currency system, the energy consumption of the Bitcoin production process is not high.
Fiat currency cash operation requires a huge infrastructure. In the US alone, more than 6,000 banks process cash transactions. For non-cash transactions, they rely on third-party service providers (such as Visa, MasterCard) and banks (such as JP Morgan) to process payments. To make a comparison with the energy consumed by Bitcoin, the amount of resources consumed by these companies and their hundreds of thousands of employees should be included.
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Should Bitcoin Change Its Consensus Protocol?
Some developers have called on Bitcoin to change the POW consensus mechanism to a POS proof-of-stake mechanism. Andreas Antonopoulos, a cybersecurity and bitcoin expert, believes:
in conclusion:
in conclusion:
The Bitcoin POW mechanism cannot accurately predict future electricity consumption, but the banking system is also difficult to calculate. In the future, it is very likely that a new industry will emerge that will allow us to better track the energy consumption of the financial system. In fact, the biggest impact of Bitcoin mining on the environment is to promote the establishment of distributed power plants.(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)
