Bitcoin Mining a threat to energy resources

Bitcoin is a digital currency introduced in 2009 by an anonymous person alias Satoshi Nakamoto.

Transactions and issuance of this hypothetical currency is carried out collectively by the network with no central authority or banks.



This innovative payment network enables people to perform transaction without revealing their personal information, hence provide a secure platform to perform illegal activities.

How to earn Bitcoins:

Bitcoin Mining is a significant way to earn Bitcoins. When a transaction occurs using bitcoins, the transaction record is added to Bitcoin’s public ledger of past transactions or blockchain. This process of adding new transactions into the block chain is known as Hashing. The ledger of past transactions is called the blockchain as it is a chain of blocks. The blockchain is necessary to confirm transactions to the rest of the network.

Every block mined (every 10 minutes on average) earns a reward to those who manage to solve the computational problem. This whole process is called Bitcoin Mining. While the reward is luring, there are some issues which stand in the way of this earning loot.

Extremely energy hungry by design, Bitcoin mining requires high speed processors which utilize custom bitcoin ASIC chips in particular. Hardware especially designed for this purpose consumes more electricity than what a person is likely to earn with Bitcoin mining.

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