As you are receiving and reading this email, you probably have a healthy interest in cryptocurrency and what’s going to happen to it in the future, which is why we wanted to talk to you a little about the future of cryptocurrency mining and how this might play out going forward, both in the short and long term.
Cryptocurrency mining is something of a contentious issue right now, as the focus of governments, institutions, organisations and the public-at-large sharpens towards environmental issues, in light of increasingly erratic climatic conditions and intensified discussions about the impact of climate change and how we can best deal with it.
For those of you who aren’t currently aware, traditional cryptocurrency mining has something of a devastating effect on the planet, with the amount of power consumption that it uses being one of the major costs and drawbacks of traditional crypto mining, as well as the reason that it’s so bad for the planet.
This is down to the intense crunching of algorithms that has to take place in order to build an accurate record of each and every transaction; and of course the situation is only going to get worse, as mining gets more difficult and requires increasingly more powerful hardware for people to remain competitive in the game - so now is the time to evaluate how this is impacting the planet and look for alternative ways to mine that don’t have such a devastating effect.
It’s also an apt time for you to consider how you can play your part in helping to improve the situation regarding cryptocurrency mining and how you can play an active role in helping to negate the effect that traditional crypto mining has on the environment.
So how much energy does traditional crypto mining use?
There are a variety of different estimates as to exactly how much energy consumption cryptocurrency mining uses, but the best of them tend to offer a range between the extremes of 100MW to 3.4GW, depending on the specific source of your information.
With 3.4GW adding up to 30.1 Terrawatt hours (TWh) per year of energy (that doesn't mean that much energy is used per hour, every hour, but is instead a measurement that equates to the amount of work those 30 terrawatts would do over an hour), this means that the amount of energy that cryptocurrency mining uses could be equivalent to the energy used by the entire nation of Morocco annually. Now that’s a very serious amount of energy, so clearly something has to be done, sooner rather than later, to address this issue and try and find alternative ways of mining that are much more environmentally friendly and much less damaging to the planet.
Why does this matter?
Of course people who are anti-cryptocurrency often cite this as one of the reasons that cryptocurrency should never be allowed to truly take off, and perhaps if there were not other viable solutions coming onto the market that start to address the issues surrounding cryptocurrency mining, then this argument may hold some merit.
But the truth is that the people involved in the cryptocurrency industry are far too smart, creative and dogmatic to ever let something such as this significantly halt the progress and dramatic rise of cryptocurrency, and we are already seeing innovative and forward-thinking new ways to address this issue coming to the fore.
We urge you to be as smart, creative and dogmatic as these cryptocurrency pioneers and evangelists - and try out new and innovative ways to mine cryptocurrency that address the problems discussed thus far in this article, head-on.
We can all play our part in continually improving and positively evolving all aspects of cryptocurrency, and we would actively encourage you to get involved as much as you can and make a valid contribution to the cause.
So what can you do to address this problem?
One of the main things that you can do to aid the continued development and evolution of cryptocurrency moving forward, is to ensure you are fully aware of the viable alternatives to traditional cryptocurrency mining, and how you can actively support and help to develop these alternatives methods, in order to strengthen the overall appeal and practical application of cryptocurrency in the future.
Mining is a key area, so it warrants a significant amount of your attention if you have an interest in the continuing growth of cryptocurrency; it’s a critical aspect of cryptocurrency that has to be developed and honed, so we would urge you to keep a close eye on it and do what you can to stay educated and well informed in this area, so you can best place yourself to make a difference and contribute positively to this specific aspect of the cryptocurrency ecosystem.
Cryptocurrency and the technology that it is built on such as blockchain, is a continually evolving and dynamic phenomenon, and as such your input and participation can prove invaluable. One of the great things about cryptocurrency is it’s high level of inclusivity, and that’s one of the reasons that we love it so much - so we would urge you to get involved and play an active rather than a passive role in pushing through a positive agenda.
What we are doing to address the problem?
CCRB is on a mission to redefine the cryptocurrency market through innovation and thought-leadership - but we’re also careful about doing it in a way that has a positive impact on the world in general, and solves as many issues and problems as possible that matter to significant numbers of people all over the world along the way.
This is the reason why we have taken a good look at cryptocurrency mining and come up with our innovative and unique Shopping Is Mining concept. Not only does it solve many, if not all, of the most pressing concerns and drawbacks regarding traditional forms of cryptocurrency mining, but it simultaneously does so in a way that opens up cryptocurrency mining to a far wider and more diverse audience, by making the whole process of mining significantly more accessible to all.
That’s the part that we are playing in developing and improving cryptocurrency mining, and we hope that you will follow suit and support us by testing and helping to develop the Shopping Is Mining concept on our CCRB platform. Get involved and try out this new way of mining cryptocurrency, we believe passionately that it’s a better way for you to do it, and it’s also a better way for the population at large, and it’s certainly an awful lot better for the environment!
But we’re interested most in what you think and feel about the new concept - so try it and let us know, if you haven’t done so already.
It’s just one of many vitally important steps in the development and evolution of cryptocurrency over the coming months and years which will ultimately define the way in which it is utilised and integrated into mainstream society, so it’s crucial that people like you support it and get actively involved.
Start now by heading to our Shopping Is Mining platform and immersing yourself in a smarter and better way to mine cryptocurrency, both for you and for the planet.
Your support in this is very much valued, not just by us, but no doubt by anyone who cares for the future of this amazing but highly delicate and sometimes volatile planet that we inhabit.