Bitcoin mining, the secretive backbone of the cryptocurrency, has long fascinated enthusiasts. But what lies beyond the surface?
The Realities
- Miners consume 70-100 TWh of energy annually, rivaling small nations.
- Hardware costs reach $5,000-$10,000 per rig, a hefty investment.
- China controls 70% of global mining, sparking decentralization concerns.
Expert Insights
"Miners are the unsung heroes of Bitcoin, ensuring network security." - Andreas Antonopoulos
The Future
- Renewable energy integration to reduce carbon footprint.
- Cutting-edge chip tech for efficiency.
- Decentralized mining to break China's dominance.
Key Stats
- 21 million BTC: total supply.
- 3.5 million BTC: remaining.
- 2024 Halving: reduced rewards.
Sources:
- CoinMarketCap
- Cambridge Centre for Alternative Finance
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