Understanding Cryptocurrency Mining – CryptoVantage

Imagine that the Bitcoin network is comprised of one thousand miners. Each miner is attempting to solve the current drawback. Every miner is placing in 100% of their effort. For any given block, solely a single one of many 1000 miners is ready to resolve the issue and claim the reward. In that sense, the opposite 999 miners wasted no matter vitality they spent attempting to resolve the issue. So it’s not necessarily the truth that the Bitcoin community uses that a lot energy, its that it seems like the Bitcoin network is designed to “waste” vitality. This is definitely one, completely valid means of taking a look at things. Let’s present other sides of the argument.

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