BITCOIN (BTC) is the controversial digital currency some believe can change the financial system. One of the flagship cryptocurrency’s main criticisms concerns the method of its manufacture: bitcoin mining. Now an expert has suggested a greener way of mining bitcoin.
Bitcoin was born ten years ago while the world teetered toward financial collapse as a result of the 2007 and 2008 financial crisis. An elusive character called Satoshi Nakamoto then created a peer-to-peer system of electronic cash called bitcoin with a purported threefold aim. These were to wrest control away from those who created the financial crash; to create the first-ever money with a built-in monetary policy and that it would be totally transparent.
One of the most shocking
aspects of the nascent industry has only come to light: the incredible
amounts of energy cryptocurrencies like bitcoin require to be mined. We have to have commodity mining again even if electricity is more expensive
Researchers have calculated one dollar’s worth of bitcoin requires about 17 megajoules (MJ) to mine, as compared with 4, 5 and 7 MJ for copper, gold and platinum.
Alex Karasulu, Founder and CEO of blockchain-driven platform OptDyn, believes the hardware used to mine bitcoin can make the manufacturing the crypto that much cleaner.
He told Express.co.uk: “We have to have commodity mining again even if electricity is more expensive.
“But what we have to do is make more efficient equipment where the focus is on reducing the amount of power consumption
“We would need it to be expensive in terms of price so it forces us to make mining more efficient.
That is what we need to bring commodity mining back and we need it to be decentralised and not in the hands of farms.”
Mr Karasulu believes having hardware that is repurposable is a solution.
He added: “And that requires us to go to Field-Programmable Gate Array (FPGA)–based mining, which is a duo-programable gate array.”
FPGA is a new basic-resistant mining that is very efficient power-wise and can be repurposed