There has been a lot of discussion recently about the huge amount of power being consumed by the Bitcoin mining industry, in a recent study by Powercompare.co.uk they show that the amount of electricity being used by bitcoin globally has already exceeded the amount used on average by Ireland and most African nations.
They also make the claim that Bitcoin mining over the past year has exceeded the power usage of 159 countries, however this claim is not quite as significant as it first appears. The 159 Countries in question are very low energy consuming Countries. But the fact remains that the Crypto mining industry is causing a huge drain on the Worlds energy reserves.
UNIQUE CIRCUMSTANCES COULD LEAD TO BREAKTHROUGH INNOVATION
The energy consumed by Bitcoin mining is a problem, not just for Environmentalists and Energy reserves but for Bitcoin miners, in fact the ones most concerned are likely the Bitcoin miners. They are fully aware that this cannot continue for too long, if mainstream adoption of Bitcoin is ever going to occur this is a problem which needs to be tackled. But aside from that, the energy costs are a huge hit on any profits made from mining, it is in the interest of industry leaders to reduce these costs. This can happen in one of two ways – a) Produce more efficient equipment or b) Use self-sustaining renewable energy sources.
The latter is the most likely area to increase profitability over the coming years, mining farms need to be running from 100% renewable energy sources if they are to survive, in fact if Bitcoin’s sha-256 mining algorithm is to stay intact this is the only way Bitcoin can survive. Fortunately the industry is already on the case, there are various different approaches to the problem, but all deserve merit and support. In reality this huge problem could result in the solution to free, endless renewable energy. For the first time in history there are Billionaires with plenty of gains to be had from helping to develop the Free energy revolution.
There is also Powerledger, who are trying to decentralize energy supply, effectively through a p2p (peer to peer) energy transactional blockchain we can begin to break down the monopoly these giant power companies have over power and distribute the power to the people, us.
Along with entrepreneurs like Bitclub founder Joby Weeks who are actively looking to find free energy sources to power their huge mining farms, bitcoin mining appears to be the catalyst that was needed for the advancement of free energy.
MANUFACTURED BELIEFS TO PERPETUATE GLOBAL ENSLAVEMENT
Power should not be an issue, energy sources of the dark ages such as Coal and Nuclear are a little like comparing an abacus to the latest intel chipset. There is energy all around us, the universe is energy, everything is energy. The development of renewable and practically infinite energy has been heavily suppressed by the industry and Governments for decades. The belief that our energy supply is on short supply is a manufactured belief which allows for greater control over the Worlds population.
Energy production is heavily invested in inefficient and environmentally damaging sources for a reason, it ensures the masses will follow the agenda’s laid out before them by their Governments. Agenda’s which are sold to us as protecting the planet and thus our futures, but in reality are nothing more than lies to ensure the 99% cannot live in a World of abundance.
BITCOIN IS MORE THAN JUST A DECENTRALIZED ECONOMY
Few people really grasp what Bitcoin has brought to the World, it is far more than just a decentralized form of exchange. It has started an evolution in how we see the World. It’s really about decentralizing, although Bitcoin and Blockchain have really brought this idea of decentralised, autonomous systems into the public arena, it has been around, disrupting industries for some time. Just look at BitTorrent, this is probably the first major decentralized system to cause massive disruption to an age-old, established industry.
We don’t need overpaid CEO’s directing underpaid minions to do the tasks of a given application, these positions are no longer cost effective due to their inherent ineffectiveness. Decentralized systems will always work far more efficiently and effectively than centralized systems. If you are interested in learning about decentralized systems and how they are disrupting long-established systems for the betterment of humanity I’d highly recommend ‘The Starfish and the Spider’ – It’s possibly one of the best reads you will have had in a long time. Entertaining and interesting right through to the back cover.