Rise of Eco-Friendly Mining
April 29, 2019 2:00 am,
Mining cryptocurrency is the central part of the work and the existence of the blockchain for such currencies as Bitcoin and similar to it. These networks are decentralized, do not have a single point of control and are controlled by all users of the system. To store cryptoactive assets and to conduct operations, wallets are used with them and have a specific address belonging to the owner`s wallet in the blockchain.
Theoretically, in the absence of centralized control over transactions, there are risks of security, falsification of data, etc. – but the mining process serves to prevent them. Confirmation of transactions takes place by performing complex calculations, when they are completed, the transaction falls into the blockchain and can no longer be changed, forged or otherwise modified.
Calculations take place on client’s devices: in exchange for the “rent” of computing power for the needs of the network, their owner after writing a block into a chain receives some reward in cryptocurrency – a fee. This principle is called the Proof of Work algorithm – an evidence of performance of the work.
Calculations require the enormous energy costs. In 2018, only the BitCoin mining network for cryptocurrencies consumed about 46 terawatt-hours of electricity per year, which is comparable to the energy consumption of such country as Iraq in 2017.
In total by 2018 the equipment was connected to the BitCoin network with a total capacity of 64 PH/s (pentahesh per second). By the beginning of 2019, a significant part of the equipment was turned off due to a decrease in mining efficiency. At the beginning of 2019, the total capacity is 44 PH/s. The average specific electrical power consumption of the BitCoin network was 0.122 Watts per 1000 H / s (hash per second). In order to produce mining in 2018, 23 million tons of greenhouse gases were emitted into the atmosphere.
But in addition to the Bitcoin network, there are other cryptocurrencies. Which consume no less energy. The assurances of some companies realizing mining cryptocurrency, that they use the energy of hydro or nuclear power plants, and therefore do not have a harmful impact on the environment – just marketing gimmicks. After all, the energy from these sources did not go to other consumers who were forced to purchase electricity from thermal power plants.
MSRise is a project that aims to reduce the negative impact of mining cryptocurrency on the environment. This is not just ICO, it is an environmental project. It will be established that the need for industry will be less. Even if MSRise can occupy 1% of the market, this will reduce greenhouse gas emissions by 2 million tons per year.
Everyone can participate in saving of our environment following the link: