The explosive growth of the prices for BTC and an increasing interest in blockchain technology is accompanied by a series of "sensational content" on the futility of energy mining. The American researcher P. V. Valkenburg shared his opinion about the 5 myths frequently encountered in the Internet and in Newspapers.
The first myth
Miners spend a huge amount of energy on useless calculations.
Miners do burn energy resource, however they create:
- Asset called bloccano that keeps a constantly updated list of an infinite number of transactions generated by the network of huge number of computers. The owners of these PC's can always see the blockchain in real time, and therefore trust him.
- Open mechanism of consensus in order to join the network any number of PCs (the principle of decentralization), agreeing with the General data. As the data is available to all, the fraudulent transaction becomes impossible. That is, the energy is spent on data security of transactions and the daily volume reached $ 100 billion and this figure continues to grow.
The second myth
Energy consumption will increase as growth in the number of transactions and someday it is just not enough.
Wrong. Energy consumption is growing due to the growth in the number of transactions, but because of the increase competition between the miners. Create a smart contract takes milliseconds and requires so small energyactual costs to find these costs on the counter is difficult. On the other hand, competition is increasing as growing the price of bitcoin, however over time it will weaken because every 4 years the reward in the form of new tokens is reduced in 2 times and it will be until the supply of bitcoin will not end.
The third myth
Transactions conducted using Bank cards, require less power than a BTC transaction.
When conducting transactions via credit card involved a credit card holder, the issuing Bank, the network of credit card, the authorized Bank acquirer payment receiver. This chain of five links consumes much more energy than a miner, put the transaction into the blockchain.
The fourth myth
BTC miners and will be applied harm to the environment.
Electricity costs range from 40% to 45% in the chemical industry, from 30% to 50% in steel and 30% -70% when mining. However, governments subsidize the growth of production and therefore energy costs are critical for business owners. For miner the reduction of energy costs is a crucial problem. The network of BTC every 10 min. pay a reward of $200 thousand dollars to the man who found the cheapest electricity, which often turns out to be environmentally friendly.
The fifth myth
In the future, the efficiency of mining of crypto-currencies will fall.
Information technology is constantly evolving and in a short period of time in this direction have already been developed or are under development 2 network levelnya, new technologies consensus payment channels for group payments, the system of the calculation PoW, the concept of Casper, etc.
Work on the creation and implementation of new ideas and technologies in the field of the crypto industry proceeds continuously, and the revolution in digital economy can bring much more tangible results than you expect its adherents and critics.