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Bitcoin has been hailed as the payment system of the future. It is faster, less expensive to maintain, and a lot more secure than the systems we currently have on hand. It has even helped create a whole new way for people to make money – through mining. 

It is the miners that actually make the system work so well. They have specialized rigs that enable them to solve the complex algorithmic hashes attached to transactions and so ensure that they are valid. For their efforts, they earn cryptocurrency. 

It is something that has, in the past, meant big bucks for the miners. Depending on the processing power of your machine, you could be in with a chance when it comes to solving the equations first and so earning the cryptos. 

The miner then has three choices:

(1) Find one of the reputable cryptocurrency exchanges and exchange coins for fiat currency.

(2) Use the coins or send them to someone else.

(3) Hold onto the coins in the hope that the value will increase.

If miners were not paid for the efforts, there would be no point continuing because the process is very energy intensive. It’s something that you need to consider before you decide to become a miner – your energy bill is going to go up quite a lot. 

In fact, it is this excessive energy requirement that has become a real cause for concern when it comes to the more widespread adoption of cryptocurrency systems in general. Did you know, for example, that Bitcoin transaction could use as much as four times the amount of energy that it would if it were a credit card transaction? 

The problem is that there is a lot of redundancy built into the system – every miner within the network is attempting to solve the problem, but only one will be rewarded for the effort. That means there is a lot of duplication when it comes to the work done. 

It is bad news for the world’s energy reserves with miners collectively using more electricity than 159 countries globally. Check out our infographic for more information.

Crypto Energy Consumption Overtakes (Infographic)Full size

Source: https://btxchange.io/crypto-energy-consumption-overtakes/

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Amira Cook
24.11.2019 00:54:53
According to report many leading economists, crypto enthusiasts like myself, definitely! bitcoin will reach six figures but it will only take time sooner than later. You do not need a lot of money to invest in bitcoin, trust me i started with a small amount and I have made so much money in just a couple of months. I made about 78,000 dollars on my first week and this would not have been possible without the help of my very good friend that introduced me to the best bitcoin investment platform online. I reached out to them via their email at..(Digitalassetsconsultancy@hotmailcom ) I communicated with them for about 6 hours and asked a lot of questions and they gave me great answers and I was very much convinced so I subscribed to their investment package. I received almost 2000 dollars the next day and I said to myself that I will take my time to share this with the world because I really believe in the blockchain technology and not just the money or gains. I was surprised at how much money one can make just by investing and not doing anything. Cryptocurrency investment is for EVERYONE, and not just for men. I am proud that I took the right step and also many many thanks to the digital assets consultancy team for helping out. My first wallet was hacked by online spammers and they helped me to recover it with my funds back in it. I humbly have to add this that I will be buying my first house next week, what more can I say Christmas gift came in very early lol.
Amira Cook
24.11.2019 00:54:42
According to report many leading economists, crypto enthusiasts like myself, definitely! bitcoin will reach six figures but it will only take time sooner than later. You do not need a lot of money to invest in bitcoin, trust me i started with a small amount and I have made so much money in just a couple of months. I made about 78,000 dollars on my first week and this would not have been possible without the help of my very good friend that introduced me to the best bitcoin investment platform online. I reached out to them via their email at..(Digitalassetsconsultancy@hotmailcom ) I communicated with them for about 6 hours and asked a lot of questions and they gave me great answers and I was very much convinced so I subscribed to their investment package. I received almost 2000 dollars the next day and I said to myself that I will take my time to share this with the world because I really believe in the blockchain technology and not just the money or gains. I was surprised at how much money one can make just by investing and not doing anything. Cryptocurrency investment is for EVERYONE, and not just for men. I am proud that I took the right step and also many many thanks to the digital assets consultancy team for helping out. My first wallet was hacked by online spammers and they helped me to recover it with my funds back in it. I humbly have to add this that I will be buying my first house next week, what more can I say Christmas gift came in very early lol.
Yinkzzy Yinka
10.07.2019 03:42:43
Thanks to Mr Joseph who help me become a millionaire by connecting my wallet to his mining stream i am so happy today i can get what i want i just got a new house,He make me earn 0.6 BTC daily, you can earn BTC also by email him and request for his help and he will also connect you to his stream right Away 24hoursbitcoinminer@gmail.com
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