Bitcoin Mining Council Meets to Discuss Future of Mining

The Bitcoin mining industry has grown dramatically over the last year, but despite the potential financial windfall, several major concerns surround the industry are on the radar. The most recent of these came to light at the Bitcoin mining council meeting in Stockholm, Sweden last week, where a group of industry experts discussed the future of bitcoin.

The Bitcoin mining industry is one of the most highly speculative markets in the world, so it is hardly surprising that there is a great deal of chatter around the future of mining. In fact, quite a few factors have opened up to the industry that could change everything. We are only just seeing the start of this process, but it is important to keep track of what is happening.

Many enthusiasts of Bitcoin mining have been excited about recent developments in the cryptocurrency space. The industry is currently going through a transition period, with a new form of mining being developed and several new companies coming to the market.. Read more about what does mining crypto mean and let us know what you think.

Bitcoin’s enemies are using its massive energy consumption to spearhead their FUD ram, and it’s easy to see why.

Before I get to the reviews, and I have a few, let me say that I love Bitcoin.

I’ve loved bitcoins since I was 13 years old. I first heard about it in March 2013.

I love everything about it, and I think energy consumption is worth the freedom and equality it brings to the world. I also believe that Sailor is king. Literally.

But here’s what caught my attention. The whole meeting, and even the goal of the board, seems to have been to control the narrative around bitcoin mining.

Since the value of a digital currency largely depends on how people perceive it, it is important to do damage control.

Despite extensive research, no one knows how much energy bitcoin gets from renewable sources, and we can’t say for sure how much energy bitcoin actually uses.

Promoting transparency in this area is certainly a good thing. But wouldn’t it make more sense to address the real problem?

More digits

During the interview, Saylor said that an investment of about $400 million would be needed to realize Nayib Bukele’s now mythical dream of mining bitcoins from the volcanoes of El Salvador.

Plus, it would take at least another dozen similar projects to make bitcoin completely green.

It would cost about $4.8 billion, more than half the amount needed to end world hunger.

This seems like a waste of resources, since Bitcoin is already the most secure network in the world. So what exactly is the marginal benefit of giving him even more security?

In my opinion, Bitcoin’s power consumption is not so much a narrative problem as a technological one.

It certainly worked well when Satoshi Nakamoto created it, and anyone could mine bitcoins instantly with a laptop.

But since then, the growth of cannabis has increased exponentially. We can see here that bitcoin’s hash rate has increased since day one. January 2017 rose 8,450% to last month’s all-time high.

Bitcoin Mining Council Meets to Discuss Future of Mining

In the chart above, everything looks flat before 2017, but if you zoom in to any period, the chart still looks the same: a flat line on the left and strong upward movement on the right.

In fact, there has never been a long period where the hash rate has steadily declined.

The University of Cambridge estimates the real-time energy consumption of bitcoin mines at 92.88 terawatt-hours (TWh) per year, or 0.43% of total global energy consumption.

That’s more than the 10.41 TWh per year estimated by the same agency in the 2017 report.

Of course, this is still little compared to the volume consumed by the world’s banking system and ATMs, estimated at around 700 TWh per year.

However, if bitcoin continues to grow at its current rate for an extended period of time, this could become a real problem.

Dialogue

In short, it is wonderful that we are seeing a movement towards renewable energy.

The recent suppression of mining in China seems to have accelerated the geographic shift in bitcoin mining and further decentralization.

Elon Musk’s tweets have helped bring attention to the issue of bitcoin’s carbon footprint, which is now being addressed.

But even if bitcoin were mined with 100% renewable energy, it still seems wasteful to me.

With the imminent implementation of Taproot, we now know that changes to the Bitcoin protocol can be made slowly and carefully, and that it is even possible to achieve a broad consensus on the network through open dialogue.

What better time than the present to discuss how to reduce Bitcoin’s exponentially growing energy consumption?

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