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Cryptocurrency, are computer mining days fading?

김진우 기자 (kim.jinwoo.ja@gmail.com)
김진우 기자 (kim.jinwoo.ja@gmail.com)

기사입력 2018/10/04 20:51

-Computer mining, which wastes enormous electrical energy and promotes global warming, what is the alternative?
-The advent of computer mining alternatives: Steem, QR code and TouchCon of O2O advertising, and VR mining.

A recent cryptography Web site, Digiconomist, said that the amount of electricity used for cryptocurrency mining worldwide has already exceeded the amount used by all Serbian countries. If we do that, it will be bigger than the US electricity usage in July 2019, and in November 2020 it will use more electricity than the current global usage. But there is another bigger problem. This is because computer mining is attracting attention as it promotes global warming.

At present, the amount of carbon dioxide from computer mining is estimated to be about 1.77 million tons per year. This figure suggests that a small island in the South Pacific where Tuvalu is swamped with water and numerous forests are disappearing.

Earlier in February, Enel, Italy's largest energy company, declared that it would not sell electricity to a cryptocurrency mining facility in the future. The reason for this was that Enel wasted enormous amounts of energy and accelerated global warming. In addition, the city of Plattsburg, New York, USA, decided to suspend electricity for mining in the next 18 months.

Chelan County has been supplying cheap electricity with abundant hydroelectric power, but because of the sudden flood of mining factories, there has been a problem with local power system. This is not just the United States.

In Iceland, electricity demand for mining factories is already ahead of household electricity demand, the BBC reported. Domestic demand is 700GWh per year, while mining plant demand is 840GWh.

Apart from this, computer mining has another dangerous primer: global warming. Computer mining has a great deal of noise and heat that can affect global warming. Cryptocurrency has emerged with an innovative slogan of money in the future, but it is in danger of being forced to be thrown away as it becomes a major source of waste of resources and global warming. For that reason, the crypto-ecosystem now seems to be in urgent need of introducing new ideas out of computer mining.

There are also various attempts and ideas to overcome the problems of computer mining. For example, there is a coin that can be rewarded through community voting if you write in SNS, and coins that convert real world points or mileages into cryptocurrency. All of them can be mined without a computer

In recent years, a method of making cryptocurrency to be mined by converging QR codes into advertisements has become popular. If a coin is randomly stored in a QR Code familiar to the public, the advertiser will be attached to his or her product or service, and the user will scan and mince the coin. It is noteworthy that QR Code was used as a means of connecting the real world. Of course, this method is also referred to as PoS (advertisement authentication method).

This new way of mining can be widely accepted to the public and crypto-industry has a lot of interests in this algorism because it can be utilized in the mining of other cryptocurrencies and various Airdrop. People can conveniently participate in the mining with a mobile application.

Now, the interests of the people lie on the future predictions that whether the crypto-mining that promotes global warming and wastes enormous electrical energy will become like the ugly ducks, or will they go out of government regulation, or will the new improved mining techniques solve the problems.

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