Building eco-friendly blockchain before it reaches Mass Adoption
Among the biggest obstacles blockchain faces as it approaches mass adoption is the environmentally destructive reputation of the mining process. As local and global leaders require improvements in emission and electricity usage, eco-friendly mining systems need to show lawmakers that Bitcoin is not as bad for the environment as it is now. The current system needs to be improved dramatically before mass adoption happens to quell lawmakers’ concerns.
Officials have every right to be concerned. The amount of energy required to mine Bitcoin right now is roughly the same amount of power needed to power the Czech Republic. It uses more power than the countries of New Zealand and Hungary. And it doesn’t show any signs of stopping.
The carbon footprint left by Bitcoin miners ranges from smaller mining operations, such as the person running a couple and share units out of her garage, to mega data centers that are consuming the same amount of energy as some states in the USA.
Reports have left lawmakers so angry that Bitcoin and Crypto mining is being banned in some places, such as Plattsburgh, New York. Local officials are serious about this ban, too, fining anyone $1,000 per day who is caught violating this ban.
The town gets cheap energy from the St. Lawrence River, driving down electricity costs for residents. But the entire community grew angry in December and January of this year when the allotted amount of hydropower was exceeded, and energy bills skyrocketed.
To get officials in Plattsburgh on board with mining, the blockchain project need to offer an eco-friendly alternative to the current big data center system. The heat and power that are concentrated in these huge centers are destructive and expensive. If power were more distributed across different locations, cooling would be easier, thus allowing hardware to run at faster speeds.
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This is a similar concept behind Unicoin Blockchain, an eco-friendly mining model that is providing an alternative to the big data center model. UniCoin’s strategy implements a state-of-the-art cooling technique that is cheaper and more efficient. And their ‘MINTs’ are distributed in groups of one or two per building so they don’t need to manage excessive heat loads. This looks like the future of mining! Not big buildings filled to the brim with the 1990s-looking hardware, but eco-friendly uber-tech-looking hardware that tackles mining from a whole different angle.
Lawmakers and communities may be more willing to embrace crypto mining if eco-friendly mining systems like Unicoin were being used. If crypto enthusiasts want Bitcoin and other altcoins to become more adopted, they should think about embracing technologies that are friendlier to the environment and their grid. We need fewer goliath data centers and more smart alternatives for regulators and cryptocurrencies to mesh well together long term.