Bitcoin is a popular digital coin having only virtual existence. Some people consider bitcoin as an investment or method to make money. However, neither bitcoin is an investment asset nor a method to make money.
Bitcoin is software that facilitates the transaction between entities involved in a transaction. The software contains some elating technologies like blockchain and a peer-to-peer network alongside proof of work. The action of adding more and more bitcoin units to the network of bitcoin is bitcoin mining.
Bitcoin mining is one of the most debated topics in the global marketplace as the environmental criticism of bitcoin mining is constantly mounting. Bitcoin mining consumes a gigantic electricity chunk which causes side effects in our environment. However, bitcoin mining is possible with any energy source, and bitcoin miners are considering nuclear power as the utmost preferable alternative to bitcoin mining’s energy source.
The profitability of bitcoin mining will change alongside an energy source. However, the profitability of bitcoin trading is always high. If you want to get profitable results in your bitcoin trading expedition, check Bitcoin Up for more details. Here is everything you should know about bitcoin mining’s new energy source, nuclear power. So why are you waiting? Let’s jump straight to the facts.
Nuts and bolts of Bitcoin mining
Bitcoin mining is an essential part of the bitcoin complex, and it underlies the mechanism of proof of work. Bitcoin mining is the progression of adding new bitcoin units to the bitcoin chain. Bitcoin miners have to verify a set of transactions.
To verify these transactions, proof of work defines that a miner has to solve a math puzzle. The prominent reason behind this is that proof of work requires using computing powers to validate the transactions.
Bitcoin miners have to solve the math puzzle in 10 minutes and before other miners competing with them. To sum up, bitcoin mining is the action of maintaining bitcoin’s supply. All the more, it enhances the security purpose of the bitcoin complex and mitigates the chances of double-spending.
Why is Bitcoin Mining an Energy Guzzler?
Since bitcoin is devoid of physical sense and is a virtual coin, bitcoin mining is correspondingly virtual. But, on the other hand, Bitcoin is a computer-based process, and bitcoin miners have to involve heavy computers and robust bitcoin mining rigs in bitcoin mining to avail profitable results.
One of the primary reasons behind this is that bitcoin mining is very competitive, and every miner has to win in the race to solve math puzzles to get the block reward.
Only robust bitcoin mining rigs and high-end computers are the potentials to solve the math puzzle at the very first instance. Unfortunately, however, these bitcoin mining rigs consume considerable energy, especially electricity.
All the more, miners have to operate with these mining rigs and graphic processing units all day long as if a miner fails to decode math puzzles in the given time, he has to repeat the entire process all over. So, in a nutshell, bitcoin mining is an energy guzzler due to bitcoin mining rigs and proof of work.
Statement of Oklo Inc.
Oklo is a power startup and is involving in the bitcoin mining business. The startup is collaborating with bitcoin mining and compass mining to bring up more potential energy sources into the energy guzzler bitcoin mining. The main motive behind this collaboration is to mitigate the chances of fossil fuel burning to further reduce gas emission.
However, introducing nuclear energy into bitcoin mining is years away as the startup is still evolving; all the more, this company will correspondingly require permission from the nuclear regulatory commission.
Is Nuclear a Smart Idea?
Bitcoin mining is an energy guzzler, and it can run on any energy. However, already there are big bitcoin mining pools that are using green energy in contrast to electricity. According to the bitcoin mining council, bitcoin miners are already using 56% green energy.
The portion, as mentioned earlier, is everything you should know about nuclear energy and bitcoin mining.