Research: bitcoin mining promotes the development of “green” energy innovations

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2 months ago
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An analyst of Node Blockchain, a cryptographic company, Saad Imran has published a study on the positive aspects of bitcoin mining. He opposed the critics who claimed about the high risks associated with the extraction of cryptocurrencies.

The opponents of bitcoin say that with one cryptocurrency transaction, energy consumption is several thousand times higher than the cost of making “traditional” payments. In turn, Imran said that this expense is for the benefit of “economic history.” He stressed that the current use of electricity protects all transactions in blockchain from changes and hacking through the Proof-of-Work algorithm, which the world’s payment giants, for example, Visa, can not boast.

The analyst also noticed that in pursuit of cheap electricity, the miners are developing the economy of remote regions of the world.

According to Imran, a bitkoin mining contributes to the development of “green” energy, as for the production of cryptocurrency, renewable energy sources are most suitable.

The study also says that the mining industry helps develop technological innovations in the use of secondary energy. For example, from old automobile tires, electricity is produced for bitcoin mining.