Did you know that 6 US households can be powered for 1 day by the electricity consumed for a single transaction on the bitcoin network!
The entire network consumes the same amount of electricity as 1,500,000 households and the consumption of miners is growing at around 1TW/hr per month. This is caused by the competitive nature of the mining proof of work system. Miners with access to cheaper electricity have an advantage as this is the only real cost once the ASIC mining hardware has been purchased. The result, huge server farms consuming nearly a billion dollars worth of electricity a year.
Is this optimal, ethical or sustainable? We think not. JSECoin provides a solution by using background CPU power which isn’t used during normal web browsing. This excess computer power is put to use mining and securing the blockchain without destroying the planet. It seems like a logical evolution of the technology but then we are a litte biased.
As part of our commitment to operating transparently and ethically we will be publishing all outgoing transactions from this account. JSECoin has the first-mover advantage , let’s move fast and mend things.