A common misconception seems to be that evidence of Bitcoin’s working mechanism surpasses that of the many small nations, making it polluting and harmful to power grids. First-time learning about Bitcoin may find these statistics alarming.
Cambridge University researchers feed into this false narrative. The team’s research reports and models are often referenced in pessimistic news articles that estimate that the power consumption of the public blockchain network is higher than in countries like Switzerland and the United Arab Emirates.
To put this into perspective, the logical structure of all of these arguments is flawed. That flaw is that BTC is not Bitcoin, and now that Bitcoin has been unlocked on the Bitcoin SV network, it is immensely more efficient than ever.
Before we begin what I believe, Bitcoin thought leader Kurt Wuckert Jr. wrote earlier this month, “Every system has financial and environmental costs.” It may come as a surprise to many, but Bitcoin is already more efficient on a fundamental level as a visa. Overall, Bitcoin’s infrastructure takes up significantly less space than many older financial systems.
A Bitcoin economy actually reduces global energy consumption and improves the environment. The proof-of-work mechanism is more transparent and becomes more efficient with increasing use. How? It enables energy to be converted into value and prevents illegal collusion through design. It has a far greater financial incentive to be more efficient with computing power and value transfer.
Bitcoin SV plans to scale up to over 4 million transactions per second to support various variable market use cases that go beyond pure financial transactions. Bitcoin transaction processing rewards the most energy efficient blockchain infrastructure company with the highest profit.
It is clear that the current block reward mining processes on the BTC and Ethereum networks are unsustainable and will only get worse. The solution is not to focus on a disastrous consensus mechanism for evidence of stake or to limit the block size in the poorly built networks. It’s time for those inefficient and wasteful projects to go away.
Bitcoin has the potential to change the world, but not if mainstream news agencies and so-called “experts” continue to misidentify the digital currency. The answer to blockchain becoming more sustainable is to stop devoting resources, press, and support to altcoin blockchains run by scammers and zealots and focus on the real bitcoin.
So next time you’re looking for a green tech solution that will power a product’s infrastructure at the enterprise level. Start with Bitcoin SV. It’s the only tool that can replace EVERYTHING from data center racks to centralized cloud hosting providers.
See also: Equity analyst John Pitts and fintech expert Len Mazur discuss TAAL, Bitcoin and the transaction processing industry
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New to Bitcoin? Read CoinGeek’s Bitcoin For Beginners section, the ultimate resource guide, to learn more about Bitcoin – as originally envisaged by Satoshi Nakamoto – and blockchain.