The Future of Bitcoin Mining
04 Février 2019 - 6:55PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 04, 2019 -- ADVFN Crypto NewsWire -- Normally, the
news that two firms are partnering together to launch a Bitcoin
mining operation would likely be considered insignificant in the
current crypto sphere. Today however, CoinDesk’s reaction piece to
last week’s announcement of the Bitfury Group’s new partnership
shows how the opposite can be true.
If you know anything about the
Bitcoin network and how it functions overall, then you know that it
depends on a Proof-of-Work consensus algorithm which means that
crypto miners constantly work to verify and add blocks of
transactions. This constant work, in turn, has been shown to
require very large amounts of electricity to the point that Bitcoin
mining has not been a viable option for the average crypto
enthusiast for quite some time.
With this in mind, certain crypto
insiders have proposed shifting to clean energy based crypto mining
to essentially eliminate the already large carbon footprint that
Bitcoin mining is leaving on our planet. The problem with such
proposals is that until recently, it has seemed like none of them
would truly garner any significant level of support.
As of last Thursday, things appear
to be on the cusp of changing in this respect. Reportedly, Bitfury
announced that they will partner with a South Korean Research &
Development firm called the Commons Foundation to introduce clean
energy based Bitcoin mining at a fairly large scale.
If you’re wondering exactly how
they plan to do so, it all boils down to an existing mining device
called the BlockBox AC, coupled together with a partnership between
the two firms and two particular hydroelectric power plants in
Paraguay. On top of this, the Commons Foundation’s true importance
appears to lie in the fact that they already have the support of
the Paraguayan government through their Golden Goose project, which
has the goal of positioning Paraguay as the global crypto mining
epicenter.
According to CoinDesk, while
hydroelectric power is not exactly the cleanest form of energy out
there, this partnership’s chief importance could actually lie in
the fact that it has the support of the country’s government and
one of its’ next efforts will include launching a crypto exchange,
which it is reasonable to assume will have the full support of the
Paraguayan government as well.
Perhaps the crypto capital of the
world will not end up being on an island after all.
By: BGN Editorial Staff
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