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Is Bitcoin mining a waste of resources What should you pay atte

Date:2024-07-20 19:10:09 Channel:Crypto Read:


The four most famous international exchanges:

Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
Binance International Line OKX International Line Gate.io International Line Huobi International Line
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.




Isn't mining a waste of energy? 

It is not a waste to consume energy to secure and run a payment system. Using Bitcoin, like any other payment service, incurs processing costs. Services necessary to run the current financial system, such as banks, credit cards, and money transporters, also consume a lot of energy, although the total amount of energy they consume is not as transparent and easy to measure as Bitcoin.

The Bitcoin mining mechanism is designed so that it can be optimized over time using specialized hardware to consume less energy. The operating cost of mining is still proportional to demand. When Bitcoin mining becomes too competitive and the benefits decrease, some miners will choose to stop the activity. In addition, all the energy consumed by mining is eventually converted into heat energy, and the miners who can make the most profit are those who can make good use of the heat energy. An optimal and efficient mining network will not consume any additional energy. Although this is an ideal situation, the economic principle of mining is that individual miners are working towards this ideal situation.

What do I need before I start mining? 

In the early days of Bitcoin, anyone could use their computer's central processing unit to find new blocks. As more and more people start mining, the difficulty of finding new blocks has increased dramatically, to the point where the only cost-effective way to do it is to use specialized hardware. You can visit BitcoinMining.com for more information.

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