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As you know, blockchain energy consumption is very high. At first glance, blockchain technology is a simple database that maybe even a programming student can do it easily. This database is encrypted with cryptographic methods and every new data that is added is added as a block at the end of a chain of encrypted data.
But the hidden meaning of these codes is of special importance. It is also a concept that was able to change the consensus discussion from the state of centralization to Decentralization.
In the rest of this article, I will discuss more about the concepts and energy consumption of blockchain and questions such as if blockchain becomes widespread, all the energy in the world will be consumed by this technology? Or is the high energy consumption of the blockchain fundamentally a negative point for the blockchain? I will answer.
System designed by Satoshi Nakamoto
As we said, the blockchain network was able to turn centralized financial systems into decentralized ones. Centralize means that instead of being able to make decisions, the control and centrality of an issue is done by the government, institution or a person. On the other hand, Decentralize means that the authority is distributed among the members of the group.
The genius and main work of Satoshi Nakamoto was also in this department. Based on his idea, he was able to spread the financial authority among all its members without affecting the health of the group.
In order to maintain financial health, Satoshi Nakamoto created a consensus method called proof of work. In the process of proof of work, every person who wanted to participate in that consensus had to pay a fee. The cost paid by people was for energy consumption.
As a result, the production and mining of Bitcoin was accompanied by energy consumption. The harder the Bitcoin network became and the more people involved in mining, the more energy was consumed. Today, it has been said that the electricity used to mine Bitcoin is equal to the electricity consumption of an average country. In fact, blockchain energy consumption is very high.
In answer to this question, it must be said that blockchain energy consumption is definitely high. But it is hoped that it can be reduced by using the new methods presented.
no Currently, more energy-efficient consensus methods are being developed, and many scientists are studying and working on minimizing blockchain energy consumption.
In terms of Bitcoin price analysis, the energy consumption of Bitcoin mining is not a negative point; Because the difficulty of the network and mining makes the network more correct and healthy and secures the blockchain. And it can be said that the higher the price of energy, the more difficult it is to mine Bitcoin, and as a result, the supply of Bitcoin will decrease.
The decrease in the supply of Bitcoin will increase the demand and, as a result, increase its price. As a result, from the point of view of fundamentals and fundamental analysis, it cannot be said that the energy consumption of Bitcoin is detrimental to Bitcoin.
