When the mining of cryptocurrencies such as Bitcoin and Ethereum becomes huge, we are sure to see a big change in the landscape and a huge change in the way tokens are currently created and extracted from the blockchain. In order to understand the true future implications of a bigger crypto mining culture, we first need to understand exactly what mining is, thankfully, Technopedia provides a very description of what mining actually means:
“Blockchain mining involves adding transactions to the existing blockchain ledger of transactions distributed among all users of a blockchain. Mining is typically done on a dedicated computer, as it requires a fast CPU, as well as higher electricity usage and more heat generated than typical computer operations. The main incentive for mining is that users who choose to use a computer for mining are rewarded for doing so.”
As this definition suggests, Bitcoin and cryptocurrency mining is a very resource heavy process, one that use a great amount of power and also requires very advanced hardware such as computers. Thankfully however, this style of mining is set to change as blockchains become more efficient and more streamlined. Over time, as the technology develops, blockchain mining will become less intensive and will therefore be able to be carried out on a larger network of devices, devices that do not need high powered processors or even high voltage power supplies. The future could well see cryptocurrency mining take place on a global scale, via laptops, phones, tablets and even smart watches.
As a matter of fact, we’ve even seen radiators built to mine cryptocurrency. These are interesting devices that also make the most of the heat generated by the computer processors in the radiator, to generate heat to heat your home. It’s common knowledge that in the future, cryptocurrency mining needs to get better. This industry is growing but sadly, the way cryptocurrencies are produced is not. In order to keep up with demand, the mining industry needs to economise in order to speed up and clean up.
The future looks bright for crypto, therefore we’re going to need to make lots more crypto in the future. In order to do this in a way that the planet can sustain, we need to start getting more savvy in the way we mine, it’s as