THE MECHANISM AND ENVIRONMENTAL IMPLICATIONS OF CRYPTOCURRENCY MINING.

Good day to you all hard working members of this wonderful community you know who it is, it is your favorite blogger @awesononso I hope your week is going well. Today I will be writing about cryptocurrency mining what it is and it's implications on the environment I hope you enjoy reading.

What is cryptocurrency mining and how does it work?

Cryptocurrency mining involves the process of solving cryptographic hash functions ie complex mathematical puzzle through the use of computational power.

To be able to take part in this mining process it is key that miners have access or own up to date computational resources and programs, constant and reliable power supply.

The miners strive and compete to find the correct or right answers and solutions to the puzzles and whomever finds the correct solution first receive as a reward newly mined coins and also transaction fees.

This process basically explains the concept of proof of work a concept I would love to write about later on.

To take part in a cryptocurrency mining operation you will require constant power supply like I said earlier but apart from that you will also require specialized hardwares which may include graphics processing unit or application specific integrated circuit

What are the environmental impact of cryptocurrency mining? And possible solutions.

Basically the only adverse effect or impact cryptocurrency mining posses on our environment is the constant need of power supply and consumption of energy and as result of this intense consumption of energy and sizable carbon footprint alarms have been raised and concerns has been noted that the activities and process of cryptocurrency mining has also indirectly contributed to global warming and the greenhouse gas emission.

As shocking it might be to hear this, conducted research has shown that the energy consumed in respect to Bitcoin mining alone is comparable to that of small countries annually, this is very concerning.

Actions has been taken to address this problem regardless of the disadvantages or drawback, for example some mining operations has begun to consider using renewable sources of energy like hydroelectricity, solar and wind power inorder to try and curb and reduce carbon footprint.

Apart from adopting renewable sources of energy there have also been approved projects to seek more efficient ways of mine cryptocurrency and even find an alternative consensus mechanism one not too energy consuming like the proof of work.

IN CONCLUSION

To simply put, the mining of cryptocurrency is the process through which new digital coins are created validated and are put into circulation, this process is very important and plays a vital role in the block chain network.

But regardless of all the roles and importance of mining cryptocurrency there are some effects that raises concerns a good example is the energy consumption and all of this is what the post was about. I hope you enjoy reading.