A power consumption perception PoW consensus mechanism for a block chain, comprising the following process steps: (1) in a Bitcoin system, all nodes compete with each other on the basis of respective computer computing power to jointly solve an SHA math problem that is complex to solve but easy to verify, and a node which solves the problem at the fastest speed obtains a block accounting right and Bitcoin award automatically generated by the system; (2) interconnecting physical servers…
Mining Bitcoin can be a lucrative venture under the right circumstances. With access to sufficient hardware, the mining process becomes a lot easier. Additionally, operators need cheap electricity to keep operational costs low. In Iceland, it seems the demand for electricity is on the rise thanks to Bitcoin …
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I have found lots of articles talking about how bitcoin works, and quite a few that analyze the growing industry around it. Relatively little though speaks to the potential political implications of Bitcoin’s growing electricity consumption.
It seems to me that since block reward and mining industry gross margins are reasonably steady in the short term, that if Bitcoin were to (say) rise ten fold in price similar to previous rises eg. at the end of 2013, this would encourage a near-proportionate rise in the hash rate and electricity consumption.
Already I read that Bitcoin consumes as much electricity as a small country. Can the world cope with the environmental consequences of a short-term 10x or 100x jump in the Bitcoin price? What might the reaction of major powers (especially China) be?
Am I wrong in concluding that a massive short term jump in the price simply won’t be politically or environmentally feasible?
Since the modern economy has gone digital, it has come to require more electricity. Peter Kelly-Detwiler, co-founder of NorthBridge Energy Partners, LLC, a consulting firm that helps companies connect assets to power grids, examined the impact that expanding cryptocurrency is having on energy consumption in a recent Forbes article. He raises the possibility power supply could […]
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A method and engine for hash calculation, the method comprising receiving data blocks via an input module, providing clock cycles by a clock module, calculating a hash from a received data block by a process module including a data pipeline and a state pipeline, the hash calculation comprising: an input data block to the data pipeline, the data block includes a sequence of data words including X data words, wherein X is a known number, calculating, in every other clock cycle of the clock…