When farmers who save their seeds can get Bitcoin (BTC), we may survive. This means real farmers who grow our food and also the miners who produce Bitcoin in the mining farms.
While bitcoin continues to be in the news, the applications and potential of blockchain are spreading well beyond cryptocurrency. Bitcoin mining is the backbone of the Bitcoin network. It is also known as Bitcoin farming.
Satoshi Nakamoto, the creator of Bitcoin, is at the top of the list and is estimated to own about 1 million Bitcoin, which translates to about $34.9 billion in 2021.
No matter how many miners, it still takes 10 minutes to mine one bitcoin. At 600 seconds (10 minutes), all else being equal, it will take 72,000 GW (or 72 Terawatts) of power to mine a bitcoin using the average power usage provided by ASIC miners.
The Supply of Bitcoin Is limited to 21 Million. In fact, there is only 21 million bitcoin, which can be mined in total. Once miners have unlocked this number of Bitcoin, the supply will be exhausted.
Looking at the kind of pressure coming from policymakers and regulators, some users feel that when policymakers don’t exist because they can’t finance their ideological agendas, we may survive.
Bitcoin is valuable and is real. It reaches a consensus through the PoW mechanism and does not require violent assistance. POW requires inputs to generate outputs. Real work is constantly being done.
Contradictory opinions state, this seems like an arbitrary point. The labor or resource consumption doesn’t inherently create nor signify the presence of value. Many feel real-world production cost is a must-have requirement for sound money. “Being Environmental friendly“ money seems to be also a requirement for rapid mass adoption.
Energy consumption isn’t the problem, but it’s what the naysayers focus on. Energy production is the real issue, and all electricity consumers are guilty of the same crime in this regard. Bitcoin (BTC) is an expert at exposing broken systems. Even better, it incentivizes and fixes them. So, PoW, though slow, is meritorious.
The PoS voting system has existed in human society for thousands of years. PoS cannot solve the fairness problem. PoS is too easy to be attacked by a few people at a relatively low cost. The PoS to achieve consensus needs the backup of a violent system. Central banks can add money to the system which doesn’t have any time or energy behind it. So it is the with POS. Proof of stake isn’t going away anytime soon, and Ethereum is on a fool’s errand in this regard.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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