THE PROBLEM
The main problem facing the cryptocurrency community today is that mining operations are using a huge amount of electricity in order to meet the mining needs of the various currency users. If we consider that coins such as BitCoin are only passing 7 transactions a second and newer coins process transactions at a much higher rate, the demand for electricity will become unsustainable within the next few years. However for the sake of decentralization many coins still consider POW (proof of work) as a worthwhile solution in order to deliver all true blockchain qualities to the coin users.
As national governments have shown a reluctance to switch to renewable energy, this means that most of the mining operations are still being powered by older, fossil fuels. Everyone knows the major downfalls of using fossil fuels including the general damage to the environment through both their mining and burning to generate energy and the lasting impact that this will have on our world if it is not changed.
However, despite all of the facts, it is estimated that only 22% of all energy (globally) will be from renewable sources according to the International Energy Association. This was also decided before the more mainstream adoption of cryptocurrency mining and its commercialization.
Electricity is used by cryptocurrency mining operations in two main ways. The rst is by powering the actual GPU units and ASIC miners themselves. As the GPU units and ASIC miners are being used 24 hours a day, they generate a large amount of heat through their operations. This means that they need to be cooled in order ensure that they continue working. If a GPU’s temperature passed a key point, it will destroy the hardware, rendering it useless. Therefore the facilities that house these mining operations are required to be temperature controlled to ensure functionality of the mining hardware within them.
THE WINDMINE PROJECT
The WindMine project will have three main parts to it. The rst part is to acquire a wind farm in Northern Europe (already completed). The second part is to deploy mining facilities utilizing latest available mining technologies allowing individuals to lease mining power/hashrate directly from the company to generate income. The third part is to sell excess electricity directly back to European districts to assist with energy shortages.
THE THREE PARTS TO THE WINDMINE PROJECT
1) Develop wind farms across Northern and North Eastern Europe within the European Union.
2) Allow individuals to lease mining power/hashrate directly from the company to generate income.
3) Sell the excess electricity generated by the wind farm to domestic regions within the European Union.
https://www.windmine.com
The main problem facing the cryptocurrency community today is that mining operations are using a huge amount of electricity in order to meet the mining needs of the various currency users. If we consider that coins such as BitCoin are only passing 7 transactions a second and newer coins process transactions at a much higher rate, the demand for electricity will become unsustainable within the next few years. However for the sake of decentralization many coins still consider POW (proof of work) as a worthwhile solution in order to deliver all true blockchain qualities to the coin users.
As national governments have shown a reluctance to switch to renewable energy, this means that most of the mining operations are still being powered by older, fossil fuels. Everyone knows the major downfalls of using fossil fuels including the general damage to the environment through both their mining and burning to generate energy and the lasting impact that this will have on our world if it is not changed.
However, despite all of the facts, it is estimated that only 22% of all energy (globally) will be from renewable sources according to the International Energy Association. This was also decided before the more mainstream adoption of cryptocurrency mining and its commercialization.
Electricity is used by cryptocurrency mining operations in two main ways. The rst is by powering the actual GPU units and ASIC miners themselves. As the GPU units and ASIC miners are being used 24 hours a day, they generate a large amount of heat through their operations. This means that they need to be cooled in order ensure that they continue working. If a GPU’s temperature passed a key point, it will destroy the hardware, rendering it useless. Therefore the facilities that house these mining operations are required to be temperature controlled to ensure functionality of the mining hardware within them.
THE WINDMINE PROJECT
The WindMine project will have three main parts to it. The rst part is to acquire a wind farm in Northern Europe (already completed). The second part is to deploy mining facilities utilizing latest available mining technologies allowing individuals to lease mining power/hashrate directly from the company to generate income. The third part is to sell excess electricity directly back to European districts to assist with energy shortages.
THE THREE PARTS TO THE WINDMINE PROJECT
1) Develop wind farms across Northern and North Eastern Europe within the European Union.
2) Allow individuals to lease mining power/hashrate directly from the company to generate income.
3) Sell the excess electricity generated by the wind farm to domestic regions within the European Union.
https://www.windmine.com
The problem you described (wasting energy on mining) can be solved very easily - switching blockchain
to the PoS (Proof of Stake) consensus. Proof of Work is just one of the possible type of consensus and -
as you see - not the best.
