Bitcoin mining is not cheap and it is not easy. Not only is it inaccessible for the average person, it takes up a pretty obscene amount of energy. As it turns out, mining cryptocurrency uses as much as energy as the country of Ireland. While it doesn’t have to be so expensive, mining will always cost a lot of energy due to the amount of computing power you need. 

The difference can be how we produce the energy in the first place. Making Bitcoin more accessible and sustainable will not just decrease the amount of energy it uses, it will be possible for anyone to mine cryptocurrency. This isn’t necessarily always a good thing, the more people mining Bitcoin, the more difficult it will be to get your hands on some. 

Using Sustainable Energy

A good place to start is to make the energy you use for mining more sustainable. This could be anything from solar to wind and any other sources of renewable energy. However you look at it, the amount of energy you are able to produce inexpensively will affect the expense of your Bitcoin mining. 

For example, if you are in a desert you can utilize solar panels to produce energy for your solar energy operation according to MoneyPug, the site used to compare energy prices. Another option is to create a wind turbine that produces energy while you use it to mine Bitcoin. Whatever your opportunity to lessen the cost of energy consumption that cryptocurrency uses, you should use it to make it cheaper and more sustainable. 

Use Different Algorithms 

When you are mining Bitcoin, you use algorithms. Many consensus algorithms exist, but some are more efficient than others.  Proof of Authority is an alternative to the Proof of Work algorithm, which leverages someone’s identity to validate the node, reveal its identity, and verify the new blocks in the network. The algorithm doesn’t rely on any kind of intensive mining, making it one of the most efficient low-energy methods. 

The Proof of Stake algorithm uses the power of coins in a block chain system. Basically the more tokens you lock in, the more you will have the chance to validate blocks. It’s a low-energy algorithm because no intensive mining process is involved. 

Build Efficient Block Chains

Some block chains work differently from the ones that use a lot of energy because they have a fundamental difference in their process of cutting block chain energy use. One of the fastest solutions, it is capable of performing tens of thousands of transactions a second while cost block chains handle 20 or fewer transactions. A unique algorithm was developed by mining researchers. This allow for performance scalability without increasing the energy consumption, which is what will maximize your ability to mine more cryptocurrency.

If these methods lead to long-term success, people will realize that it’s possible to use it to verify transactions while being sustainable in their practice. It will probably be a while before these new block chains become commonplace. Not only does it helps other teams investigate new ways to efficiently mine, in the long-run this development can help the process overall. 

Proof of Work Validation

Another validation method that uses computing power is Proof of Work, which solves mathematical challenges that validate block chain transactions. Cryptocurrency miner computers power goes up, the power needed to mine also increases. Sometimes they get rewarded with an increase in the amount of Bitcoin you are mining. However, here are differing opinions about the proof of work validation.

However you look at it, reducing your energy consumption will help you mine more cryptocurrency at an inexpensive rate. When we make mining Bitcoin cheaper, cryptocurrency will be more accessible for the average person. Not only will it help lessen the impact on the environment, it will make cryptocurrency a part of daily life. 

When it comes to Bitcoin, it is limited. The less Bitcoin is available, the more expensive it will become. Get on it now, before it’s all been mined. If you start doing your mining from an energy-efficient standpoint, you will make even more money as you rake in the currency without investing too much on it.

Lauren Sanchez - Author

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