Lawmakers, the general public, and environmentalists are concerned about the amount of energy consumed by blockchain mining. They point out that proof-of-work (PoW) mining consumes more energy than some countries each year. These arguments have led lawmakers to propose PoW mining bans, but it has also led blockchain miners to recognize problems within their industry and innovate to make PoW more energy efficient than it is. is actually.
The Blockchain Mining and Energy Innovation panel on May 26 at the BSV Global Blockchain Convention in Dubai will explore blockchain mining and the energy consumption issues surrounding it as well as innovations underway that allow miners to become more energy efficient than they are now. .
The panel will feature four experts from the blockchain mining world: moderator Patrick Thompson, associate editor for North America at CoinGeek, as well as panelists Alex DeVries, founder of Digiconomist and creator of the Bitcoin Energy Consumption Index ; Richard Baker, CEO of TAAL; Professor Robert Lee, Founder of International Blockchain Economy and Blockchain DBA as well as Founder of 518 Blockchain Community; and Kurt Wuckert Jr., the co-founder of Gorilla Pool.
Blockchain mining companies
Each individual comes from a unique corner of the blockchain mining industry and dedicates significant time and resources to solving problems in this industry.
DeVries is the creator of the Bitcoin Energy Consumption Index, the BTC mining analytics platform that first made many people aware of the Proof of Work mining energy consumption problem in 2016.
Baker is the CEO of TAAL (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF), the vertically integrated blockchain infrastructure and service provider for companies that control approximately 425 petahash in their mining operations.
Lee is the founder of International Digital Economy and Blockchain DBA, as well as the founder of 518 Blockchain Community. He is connected to many educational institutions, industry associations, investment funds, R&D institutions and blockchain mining farms around the world.
Wuckert is the co-founder of Gorilla Pool, the BSV mining company that holds the record for mining the block with the most transactions on the Bitcoin SV network – block #733689, which is 3.82 GB in size and 2,512,670 transactions.
Moderator Patrick Thomson is CoinGeek’s Associate Editor for North America. He spends much of his time reporting on the blockchain mining industry and the ongoing debates and political issues that revolve around its energy consumption.
The energy consumption of bitcoin
The number of Bitcoin miners around the world is growing. Globally, a massive number of mining rigs are being built and more and more mining rigs are coming online as miners are perpetually trying to accumulate hash power to give them a advantage when it comes to solving blocks. Some people think that the amount of electricity consumed by Bitcoin mining is problematic. Others look at the fruits of labor and say the energy consumption is justified and worth it. Either way, it never hurts to optimize and become a more efficient business.
To learn more about the energy-efficient alternatives miners are exploring, how much electricity Proof of Work mining consumes, and how lawmakers are addressing this issue, log on to the BSV Global Blockchain Convention on May 26 to hear how industry pros like Thompson, DeVries, Baker, Lee, and Wuckert are tackling blockchain mining.
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