Mining Solution | All You Need To Know About Mining Environments
All You Need To Know About Mining Environments, Solution Mining Process
What Are The Different Solutions To The Environmental Issue?
While the final solution to environmental problems may not yet be available, there are at least five different viable options that may be worth exploring.
Bitcoin Mining Solution
Firstly, as Google did, the bitcoin mining community is able to buy clean energy offsets; thereby, reducing the impact on the environment. Unlike Google, however, this is highly unlikely because the miners are not operating under a single executive corporation.
Miners can begin transitioning to an eco-friendly power source, such as the Vienna-based HydroMiner, to utilize renewable hydroelectric resources for mining bitcoin. I believe that we will see more miners using this approach in the future, but the number of users will remain small until the overall cost of renewable energy sources are reduced and access points are increased. Both of these issues are currently evident in countries that are anti-renewable energy, such as Russia and China.
This may be a solution 2(a), but the online community could offer further incentives for users to mine bitcoin with renewable resource means by offering rewards for these actions. This may be programmed into the mining algorithm or offered as a ‘bonus for proof’ when using renewable resources. Unfortunately, there have been difficulties updating the miner payout procedure; however, if goodwill exists there will always be an online method of managing the situation.
Another option to resolve the environmental situation is to opt for a ‘proof of stake’ mining procedure, but with a particular twist. While proof of stake aims to validate all block transactions according to a miner’s coins, one can add additional requirements to provide the user with increased mining weight when using renewable resources. Similar to the solution above, choosing an alternate algorithm may be opposed by some miners – particularly those that have invested large sums of capital in their existing systems.
The final option, and the one I choose to use, would be to offer a 1,000 bitcoin reward to any user presenting with a zero-carbon solution for a problem. The solutions would be assessed by a committee of crypto specialists and environmental scientists; thereby finding the best submissions and nominations. Bitcoin users would vote on the nominations using a small amount of bitcoin to fund the reward ensuring fairness and acknowledgement from all cryptocurrency users. The key to this solution is funding the reward. If the reward cannot be raised by a voting system, then there will be a flaw in this particular solution.
If you are mining at home the easiest way to do so is to use a green energy provider such as Coop – you can compare energy and your needs here.