{"id":2502,"date":"2018-10-22T08:45:35","date_gmt":"2018-10-22T07:45:35","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2502"},"modified":"2023-02-14T09:17:36","modified_gmt":"2023-02-14T09:17:36","slug":"bitcoin-mining-explained","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/","title":{"rendered":"BITCOIN MINING EXPLAINED: HOW IT WORKS, HOW MUCH ENERGY IT USES AND WHAT NEEDS TO BE FIXED"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2503\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/bitcoin-mining-explained-how-it-works-how-much-energy-it-uses-and-what-needs-to-be-fixed-e1540194050870.jpg\" alt=\"BITCOIN MINING EXPLAINED: HOW IT WORKS, HOW MUCH ENERGY IT USES AND WHAT NEEDS TO BE FIXED\" width=\"700\" height=\"368\" \/><\/h2>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/www.markemlickprivateequity.com\/news\/2017\/12\/13\/cryptocurrency-0Qif7\"> <span style=\"font-weight: 400;\">cryptocurrency<\/span><\/a><span style=\"font-weight: 400;\"> has staged a meteoric rise in 2017 that has attracted new investors, but, for many, question marks still surround bitcoin and the technology behind it. With recent reports pointing to the high energy cost associated with mining, the process used to create bitcoin, is there any way to fix it? Here are all your questions answered.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/#WHAT_IS_BITCOIN_MINING\" >WHAT IS BITCOIN MINING?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/#HOW_DOES_MINING_PHYSICALLY_WORK\" >HOW DOES MINING PHYSICALLY WORK?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/#WHY_IS_IT_SO_DIFFICULT\" >WHY IS IT SO DIFFICULT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/#HOW_MUCH_ENERGY_IS_USED_AND_WHAT_IS_THE_COST\" >HOW MUCH ENERGY IS USED AND WHAT IS THE COST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin-mining-explained\/#WHATS_THE_NEXT_BIG_CHALLENGE_FOR_BITCOIN\" >WHAT&#8217;S THE NEXT BIG CHALLENGE FOR BITCOIN?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"WHAT_IS_BITCOIN_MINING\"><\/span><span style=\"font-weight: 400;\">WHAT IS BITCOIN MINING?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Just as gold miners produce the world\u2019s supply of gold, so do bitcoin miners produce all the digital currency available to the market &#8211; but, naturally, it is a bit more complicated than that. Mining is the process of adding transaction records to Bitcoin&#8217;s public ledger, or the<\/span><a href=\"https:\/\/www.markemlickprivateequity.com\/news\/2017\/12\/13\/jzemo5335nee78uiry0dm8lfl6s9tg\"> <span style=\"font-weight: 400;\">blockchain<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"HOW_DOES_MINING_PHYSICALLY_WORK\"><\/span><span style=\"font-weight: 400;\">HOW DOES MINING PHYSICALLY WORK?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">First of all, the blockchain is, simply, a chain of blocks. Miners use special software to solve mathematical problems that both confirm legitimate transactions or blocks and create new bitcoins, adding new transactions to the blockchain about every 10 minutes. The hash rate is the number of calculations a piece of hardware can make every second as it works to solve that math problem, and the higher the hash rate, the more likely a miner is to solve a transaction and thus be rewarded with a set amount of bitcoin.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"WHY_IS_IT_SO_DIFFICULT\"><\/span><span style=\"font-weight: 400;\">WHY IS IT SO DIFFICULT?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The difficulty of mining bitcoin is part of its design. The ideal average mining time is 10 minutes per block, and if that falls, the process becomes more difficult with the aim of keeping the block creation rate stable. There are a total of 21m bitcoins that can be mined, at which point the miners will close shop unless bitcoin\u2019s protocol &#8211; the rules that secure the system &#8211; is changed to allow for a larger supply.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IS IT PROFITABLE?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mining can be profitable, as miners are rewarded with a fixed amount of coins and transaction fees for their hard work, but the computers and hardware necessary for powering through blocks can eat up a lot of electricity and end up running huge costs.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"HOW_MUCH_ENERGY_IS_USED_AND_WHAT_IS_THE_COST\"><\/span><span style=\"font-weight: 400;\">HOW MUCH ENERGY IS USED AND WHAT IS THE COST?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The massive computer network behind bitcoin uses quite a bit of energy &#8211; as much as Serbia, to be exact.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recent report by Accounts &amp; Legal said the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world\u2019s 500 fastest supercomputers combined, and miners are constantly installing upgrades to make their computers faster.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digiconomist has created a bitcoin energy consumption index in order to understand how much electricity is consumed by the cryptocurrency. As of 5 December, bitcoin\u2019s estimated annual electricity consumption was 31.96 terawatt-hours (TWh), or 0.14 percent of the world\u2019s total electricity consumption. That\u2019s about the same as Serbia and more than Morocco, Oman, and the Slovak Republic. Annualized estimated global mining costs were $1.6bn (\u00a31.2bn), while annualized global mining revenues were $10.2bn. The index says 250-kilowatt hours (KWh) of electricity are consumed per transaction.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"WHATS_THE_NEXT_BIG_CHALLENGE_FOR_BITCOIN\"><\/span><span style=\"font-weight: 400;\">WHAT&#8217;S THE NEXT BIG CHALLENGE FOR BITCOIN?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Greenspan said working out how to scale the network is next on the agenda. &#8220;Energy consumption is only a small part of that. If bitcoin is to replace cash, in the long run, it will need to be fitted to process more than 100,000 transactions per second. At the moment it can do about 10. Many proposals are on the table but as the currency is decentralized it&#8217;s difficult to get everybody to agree on one,&#8221; he said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read more<\/span><a href=\"http:\/\/www.cityam.com\/265646\/bitcoin-mining-explained-works-much-energy-uses-and-needs\"> <span style=\"font-weight: 400;\">HERE<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">This article was originally posted on <\/span><a href=\"https:\/\/www.markemlickprivateequity.com\/\"><span style=\"font-weight: 400;\">markemlickprivateequity.com\/<\/span><\/a><br \/>\n<b><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency has staged a meteoric rise in 2017 that has attracted new investors, but, for many, question marks still surround bitcoin and the technology behind it. With recent reports pointing to the high energy cost associated with mining, the process used to create bitcoin, is there any way to fix it? Here are all [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1018,1021],"tags":[75,586,565,587,588],"class_list":["post-2502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance-secrets","category-how-to-earn-online","tag-bitcoin","tag-bitcoin-energy-usage","tag-bitcoin-mining","tag-cryptocurrency-future","tag-mark-emlick-private-equity-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BITCOIN MINING EXPLAINED: HOW IT WORKS, HOW MUCH ENERGY IT USES AND WHAT NEEDS TO BE FIXED - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Bitcoin mining, how it works, how much energy it uses and what needs to be fixed. 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