Bitcoin, which has become one of the most talked about with its recent records, is on the agenda this time with its effect on energy consumption.
The amount of energy consumed by computers in a year for Bitcoin production has become clear. According to the BBC, the energy spent for Bitcoin has exceeded 40 percent of Turkey’s electricity use.
According to the same report, Bitcoin’s value has increased more than seven times in the last year, which has led to more people entering Bitcoin mining, which has caused the amount of energy spent on Bitcoin to increase.
According to the calculation of Cambridge University, which is one of the leading educational institutions of England, if Bitcoin producers were a country, it would be the 30th most electricity consuming country in the world.
LEFT FACEBOOK AND TESLA BACK
After the recent increase, Bitcoin became the ninth most valuable asset in the world and surpassed social media giant Facebook and electric car manufacturer Tesla.
As of 11.22 TSI, the value of Bitcoin is at the level of 44,600 dollars.
HOW IS BITCOIN MINING DONE?
The process of creating money is called mining. Mining is the general name of the process of performing mathematical operations using computational authority and power.
In order to do these operations, the nodes in the bitcoin network that download the offered bitcoin software and perform operations that require intensive processing power on their hardware (usually video cards) are called “miners”.
The name of the first block of the system was named “genesis block” and was produced on January 4th, 2009. Likewise, the first transaction in the block is a private transaction and is initiated by the creator of the new currency block.
This is an incentive system for miners to join the network so that money can enter the system as desired, with no central authority to issue money.
In this way, miners earn money both by generating and driving new bitcoins to the system and by purchasing bitcoins from the system in return for pending transactions.
The regular addition of new money to the system is compared to gold miners finding gold and putting it into circulation, hence the name mining.
In the current process, miners continue to produce the amount of bitcoin that will be put into circulation every year at a decreasing and predictable rate.
In the system, production will continue until a total of 21 million bitcoins are released, then the production process will stop and the miners will continue to be supported only on transaction costs.