Bitcoin Mining
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About
Bitcoin is the most prominent cryptocurrency of today, and has received immense amounts of analysis from both a financial and technological perspective.
Engineering downsides
Bitcoin is mined on computers by hashing transactions in a blockchain. Each time a mining computer makes a certain amount of progress, it has the chance to be awarded an amount of Bitcoin. Transaction fees are also paid towards miners as an incentive to use electricity for more mining. Each transaction increases the length of the blockchain, which overall increases the complexity of work that is needed uses immense amounts of electricity - more than entire countries. Recent data suggests the number of terawatt hours used by bitcoin mining per year has recently risen above the energy cost of mining gold.
Economic downsides
As a currency that exists in capitalism, it behaves according to standard capitalist economics. The likelihood of unearthing new Bitcoin through mining has decreased dramatically over time, so most people with Bitcoin wealth are those who started early or have taken advantage of the economy of scale, creating large mining farms with high-end GPUs. This has created a global shortage of semiconductors, making computers more expensive for all, and computer parts harder to get.
Version 3 of 3 - This issue was first identified by lavra on 1/3/2022
- Editors: lavra.
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Issues that contribute to Bitcoin Mining
The Magnova community says the following issues give rise to Bitcoin Mining. Addressing this issue could be accomplished by dealing with the following sub-issues. (Registered users can upvote/downvote these connections.)
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Projects addressing Bitcoin Mining
The following projects have been created by the Magnova community to address this issue. (Registered users can upvote/downvote which projects they want to see implemented.)
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Local instances of Bitcoin Mining
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