BatMine Is The Hero That The Crypto Miners Deserves
Note: Information regarding BatMine, is gathered from their website (https://batmine.io/) and BatMine’s Whitepaper
In the age of economic transformation, the world is gradually paving its way to a new age known as ‘Industry 4.0’. Since the birth of Bitcoin post 2008 financial crisis, the cryptocurrency market environment has seen its fair share of highs and lows in its volatility among its cryptocurrency prices, but in the midst of the kerfuffle between the crypto camps and its price uncertainty, an amazing system was born. That said system is known as the Blockchain which has been a growing talking point among the professionals in the current economic environment.
With the Blockchain system gaining pace among the governments and economic professionals alike, this system will eventually enter mainstream and may likely see a rise in the number of miners to the current mining population. Based on an article posted on Nature: International Journal of Science (2018), the production of cryptocurrency (i.e. mining) generates an approximate 3 million to 13 million tonnes of Carbon Dioxide as had been recorded between the years of 2016 to 2018. The graphs below will highlight the continued rise of Bitcoin and Ethereum users for the past few years:
Based on the historical analysis from the previous paragraph and the graphs provided, it can be seen that the carbon emission is likely to rise simultaneously with the increase in population of miners due to the rising popularity in the usage of the Blockchain systems in the future. If such an activity continues to rise, it can be hypothetically mentioned that the negative implications to the world’s environment are likely to increase as well. The following graph further indicates the rise in the energy consumption with the rise of Bitcoin users with the rise in mining difficulties in the coming future:
With the current movement towards sustainability, the need for a system like BatMine’s green cryptocurrency mining system proposal is much needed to limit such negative implications, and this is where BatMine’s ICO/IEO proposal enters the fray of the Cryptocurrency Mining ecosystem just like the Dark Knight himself becoming the hero that Gotham deserves. Due to many nations having agreed to the Paris Accord in 2015, many of these nations’ government are aiming to achieve low greenhouse gas emissions as soon as possible in order to maintain an average increase in global temperature of 1.5°C (United Nations, 2015). Therefore, with BatMine’s new chip development through R&D collaborations of a chip with 10nm, 5M scrypt hash per chip and an ultra low energy usage of 0.5W/M hash power, this can be seen as a profitable and a highly positive outcome for miners who are currently struggling with the rise in difficulty levels in mining their respective cryptocurrencies in order to achieve their mining rewards margin.
As the mining rewards are expected to halve in the near future, the profit margin that is made available to the miners are likely to decrease over time as a higher difficulty level in obtaining the correct hash will require a miner to have a stronger and better available computing power, and this will require higher CAPEX from these individual miners which in turn will reduce their marginal returns. Therefore, miners are in need of a system which costs less and is more environmentally friendly to improve their respective standing in terms of mining revenue in this new ecosystem. This may be due to reasons such that miners are able to forego the need to increase their respective capital expenditure (CAPEX) to reach such rewards by using BatMine’s MaaS, and in turn will aid the global population in achieving the UNs goal in reducing the global carbon emission in the near future.
In conclusion, with the current pace in which the economy is moving in terms of its goal in achieving a greener and a more sustainable future, it can be said that a system like BatMine’s proposed platform can be a highly positive project for the near future.
BountyOx User: musixmaker1995
Disclaimer: “This article was created in exchange for a potential token reward through Bounty0x”
Reference(s):
BatMine. (2018). BatMine Whitepaper. Retrieved August 3, 2019 from https://batmine.io/wp-content/uploads/2019/07/BatMine-Whitepaper.pdf
Nature: International Journal of Science. (2018). ‘Mining’ Bitcoin takes more energy than mining gold. Retrieved August 3, 2019 from https://www.nature.com/articles/d41586-018-07283-3
United Nations. (2015). Paris Agreement. Retrieved August 3, 2019 from https://unfccc.int/sites/default/files/english_paris_agreement.pdf
Published at Sun, 04 Aug 2019 03:13:48 +0000
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