The complex math behind Bitcoin's global warming issue.
Mar 29, 2018 Posted / 2549 Views
In this modern sophisticated world which is entailed by the neverending pollution in the atmosphere by the emission of carbon gases from vehicles and factories.
A new trend of cryptocurrencies has added to the increase in the Global Warming. As we all know that the cryptocurrency craze is booming from a past few years. People's never-ending desire to get more and more Bitcoins has let the people use illicit activities in order to acquire the cryptocurrencies or mine them.
The cryptocurrencies are not printed as the traditional currencies are, but they are mined. Mining cryptocurrency requires a lot of computing power. Usually, high-end computers or supercomputers are used to mine them. A computer keeps running complex algorithms and keeps solving math problems in order to mine cryptocurrency. The time spent by the computer in spilling complex algorithms is directly proportional to the probability of getting a bitcoin.
According to reports, there is a very large consumption of electricity due to Bitcoin mining. In a report last week, the cryptocurrency website Digiconomics said that worldwide bitcoin mining was using more electricity than Serbia. The country, writing for Grist, Eric Holthaus calculated that by July 2019, the Bitcoin peer-to-peer network would require more electricity than all of the United States. And by November of 2020, it’d use more electricity than the entire world does today. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, which is disastrous to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases.
As the law of conservation of energy prevails everywhere, Bitcoins value or price is directly dependent upon the computing power or the amount of electricity it consumes to be mined.
You can’t trick your way into solving that math. The algorithm is designed, intentionally, to be so hard that it requires brute-force computing. Try as many computational answers as you can, as fast as you can. Which means you have to keep your computer turned on all the time, running the fan to cool off your hot, overclocked processor. “The energy consumption is a security feature. It’s a good thing,” Sirer says. “To take over the system, you’d have to spend at least as much as what the system is spending now. You have to own 51 percent of all the hashing power.”. The amount of heat radiated from the processor is so much that nowadays some companies are using it as room heaters. The processor keeps solving the algorithms in the background, the heat generated by it is used simultaneously.
This is a feature, not a bug (is what a distributed superintelligence would say). “If you described the model and said, 'not only is nobody in charge but nodes can join or leave the network at any time, yet everyone establishes a consensus view on the blockchain,' it wasn’t something computer scientists thought was possible,” says Joseph Bonneau, a computer scientist at NYU. “The fact bitcoin was able to do this at all was a big surprise and innovation. The cost is that it uses proof of work, and the point of that is to make the blockchain expensive to add to.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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