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 p