Bitcoin- Waste to Renewable
The Bitcoin production is going through a rough phase. Blockchain— which is the authentication process for verifying Bitcoin transactions requires tremendous amounts of computing power. This is done to deter fraudsters and keep the Bitcoin transactions safe and convenient but the amount of power being consumed for it is a jaw-dropping waste. Mining, which is essentially the process of creating new Bitcoins, like drilling for oil, is growing bigger day by day unlike before when it could have been done on just a computer. But since the Bitcoin demand is on a dramatic uptick, the need for specialized Bitcoin chips and subsequently the computing power has gone up to the point that it is consuming more energy than Ecuador! The industry is becoming hugely wasteful to the point that some Bitcoin producers are setting up plants in arctic regions to cut down on cooling expenditures. The unofficial ceiling of 21 million imposed on Bitcoin production, is also leading to greater power usage to produce each new one, 24/7. But something needs to change since this huge chunk of wasteful energy can have dire consequences for our environment, which already suffering. If Bitcoin aspires to compete or replace traditional transactional models, it will have to make itself sustainable and renewable. Bitcoin is already viewed with suspicion and distrust because of some entities using it for illegitimate and illegal goals and the environmental factor could further damage its reputation.
In order for Bitcoin & Etherium to be actually useful and be taken seriously, it will have to adapt to the environmental realities. One way to do this is to adopt a renewable model such as waste to renewable energy. My company, 4NEW is dedicated to making this an economic reality. We started two new plants in the UK recently to harness Etherium and Bitcoin and our company ethos reflects the concerns and negates the wastefulness I have alluded to above. We believe in the power of cryptocurrency and we want its production to reflect that same belief by making it better, safer, environment-friendly, less wasteful, renewable and sustainable for the long-term future of this exciting currency. 4NEW's dynamic and far-reaching vision combined with the rapidly increasing profligacy of crypto in future is going to take the financial world by storm. Let's change how we view crypto with greater literacy, more awareness, better ways and a long-term sustainable approach. That is the credo of 4NEW and we are excited about the future. Are you?