With so much electricity, what's the point of bitcoin mining?
First of all, what's the point of falling in love?
If all men don't chase after them, women will still marry. Anyway, they will stay together and spend so much energy. What's the point of not only pleasing in words, but also giving gifts?_DJMINER
If you think the question I'm talking about is absurd, then——
It is equally absurd to question the idea that bitcoin mining is a waste of power and resources.
Recently, the computing power of bitcoin has soared to 92eh / s, and the number of mining machines running bitcoin programs around the world has reached 3-4 million, with a power consumption of 6 million kwh, equivalent to 17000 "Tianhe center No.1" supercomputers, accounting for nearly 1% of China's total power consumption, and the total power consumption is about the same as that of Shijiazhuang in the summer peak period.
For a long time, those who insist that bitcoin is Ponzi's deception have a strong "logic" - bitcoin, a worthless thing, consumes so much power every year to do such meaningless things as mining, which is just outraged.
Here, I don't want to use the overlord logic of "being is reasonable" to tell you that the existence of bitcoin consuming so much electricity is a kind of right in itself, but I want to tell you that the electricity consumed by bitcoin mining is the result of normal market economy transactions, so it also has its value in the market, not what many people call "meaningless"._DJMINER
The so-called "meaning" itself is the subjective imagination of human egotism (think about the significance of human existence for the earth and the solar system). In my view, as long as it does not affect the survival and freedom of others, or deceive others, as long as some people - or even one person - think it is meaningful to do something, then it is enough to constitute the meaning of existence.
Needless to say, the market economy is a whole. As long as a free trade market comes into being, it will become a part of the exchange of human goods and services, which together constitute the world economy of various forms today. If we deny the significance of bitcoin mining, then in fact, the mining of gold and diamonds is also meaningless
According to this logic, people should not invent money at all, and the commodity exchange of real society depending on money is meaningless, and the existence of the whole free market economy itself is meaningless
All the spontaneous trading behaviors in the market are the extension of human thought and civilization. It is an indisputable fact that bitcoin adopts the pow (proof of work) mechanism to mine and consumes a lot of power resources. However, it is through this power consuming POW mechanism that the blockchain technology can truly achieve the goal of "decentralization" and become a major innovation after the Internet (the white paper on bitcoin of Nakamoto was published in November 2008, but the first bitcoin was dug up by Nakamoto in January 2009).
For the principles and profits of bitcoin mining, please click:
"How much can a bitminer make in a year"
Bitcoin mining itself is a process of allocating bookkeeping rights. Bitcoin miners purchase mining machines, build mines and participate in mining, which is to win rewards for bitcoin, and also to maintain the normal operation of bitcoin system bookkeeping and transfer. Moreover, mining is open to all, which is a fair competition behavior of open market.
What's more, bitcoin miners are also profit-making. They voluntarily participate in the purchase and sale of electricity, use electricity legally and in compliance with regulations, and assume their own profits and losses. This is a completely market behavior. Miners will never go to places with high electricity bills to dig, but look for the cheapest places in the world. Almost all of the mines are built in areas with rich power resources and excessive power supply, and even some try to find "abandoned electricity"._DJMINER
According to the survey report of coin shares research, more than three quarters of bitcoin mining uses renewable energy (mainly hydropower in China).
Even according to the current highest power consumption of 6 million kwh, bitcoin mining consumes about 53 TWH per year (1 TWH = 1 TWH = 10 ^ 9 KWH). According to some statistics, the power consumption of human mining gold is about 138 TWH per year, while the global banking system consumes about 650 TWH per year. In contrast, bitcoin, as a landmark product associated with blockchain technology, consumes little power at 53 TWH.
It is said that bitcoin mining consumes only about the same amount of electricity as lighting a lantern every Christmas in the United States. Well, do you think it's more important to provide a new way of thinking and technology for the world, or is it more important for the United States to light up color lights every Christmas?
Yes! It's necessary to turn on the lights, as is bitcoin mining, because——
They are all part of the market economy and commodity exchange,
They are also part of today's human civilization!_DJMINER
If all men don't chase after them, women will still marry. Anyway, they will stay together and spend so much energy. What's the point of not only pleasing in words, but also giving gifts?_DJMINER
If you think the question I'm talking about is absurd, then——
It is equally absurd to question the idea that bitcoin mining is a waste of power and resources.
Recently, the computing power of bitcoin has soared to 92eh / s, and the number of mining machines running bitcoin programs around the world has reached 3-4 million, with a power consumption of 6 million kwh, equivalent to 17000 "Tianhe center No.1" supercomputers, accounting for nearly 1% of China's total power consumption, and the total power consumption is about the same as that of Shijiazhuang in the summer peak period.
For a long time, those who insist that bitcoin is Ponzi's deception have a strong "logic" - bitcoin, a worthless thing, consumes so much power every year to do such meaningless things as mining, which is just outraged.
Here, I don't want to use the overlord logic of "being is reasonable" to tell you that the existence of bitcoin consuming so much electricity is a kind of right in itself, but I want to tell you that the electricity consumed by bitcoin mining is the result of normal market economy transactions, so it also has its value in the market, not what many people call "meaningless"._DJMINER
The so-called "meaning" itself is the subjective imagination of human egotism (think about the significance of human existence for the earth and the solar system). In my view, as long as it does not affect the survival and freedom of others, or deceive others, as long as some people - or even one person - think it is meaningful to do something, then it is enough to constitute the meaning of existence.
Needless to say, the market economy is a whole. As long as a free trade market comes into being, it will become a part of the exchange of human goods and services, which together constitute the world economy of various forms today. If we deny the significance of bitcoin mining, then in fact, the mining of gold and diamonds is also meaningless
According to this logic, people should not invent money at all, and the commodity exchange of real society depending on money is meaningless, and the existence of the whole free market economy itself is meaningless
All the spontaneous trading behaviors in the market are the extension of human thought and civilization. It is an indisputable fact that bitcoin adopts the pow (proof of work) mechanism to mine and consumes a lot of power resources. However, it is through this power consuming POW mechanism that the blockchain technology can truly achieve the goal of "decentralization" and become a major innovation after the Internet (the white paper on bitcoin of Nakamoto was published in November 2008, but the first bitcoin was dug up by Nakamoto in January 2009).
For the principles and profits of bitcoin mining, please click:
"How much can a bitminer make in a year"
Bitcoin mining itself is a process of allocating bookkeeping rights. Bitcoin miners purchase mining machines, build mines and participate in mining, which is to win rewards for bitcoin, and also to maintain the normal operation of bitcoin system bookkeeping and transfer. Moreover, mining is open to all, which is a fair competition behavior of open market.
What's more, bitcoin miners are also profit-making. They voluntarily participate in the purchase and sale of electricity, use electricity legally and in compliance with regulations, and assume their own profits and losses. This is a completely market behavior. Miners will never go to places with high electricity bills to dig, but look for the cheapest places in the world. Almost all of the mines are built in areas with rich power resources and excessive power supply, and even some try to find "abandoned electricity"._DJMINER
According to the survey report of coin shares research, more than three quarters of bitcoin mining uses renewable energy (mainly hydropower in China).
Even according to the current highest power consumption of 6 million kwh, bitcoin mining consumes about 53 TWH per year (1 TWH = 1 TWH = 10 ^ 9 KWH). According to some statistics, the power consumption of human mining gold is about 138 TWH per year, while the global banking system consumes about 650 TWH per year. In contrast, bitcoin, as a landmark product associated with blockchain technology, consumes little power at 53 TWH.
It is said that bitcoin mining consumes only about the same amount of electricity as lighting a lantern every Christmas in the United States. Well, do you think it's more important to provide a new way of thinking and technology for the world, or is it more important for the United States to light up color lights every Christmas?
Yes! It's necessary to turn on the lights, as is bitcoin mining, because——
They are all part of the market economy and commodity exchange,
They are also part of today's human civilization!_DJMINER
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