Environment

Website Cryptocurrency Mining

Do you know what Cuba, Croatia and Sri Lanka all have in common? They all consume less electrical power than the Bitcoin network (16.73 TW/hr as of September 2017).

The electrical resources used for mining are increasing at an uncontrollable and unsustainable rate. In the last 30 days the Bitcoin Network energy consumption has increased 0.8 TW/hr. To give some context the CERN large hadron collider which required its own power station consumes 1.3 TW/hr annually.

The higher the BTC price climbs the more incentive there is for industrial mining corporations to open new server farms where their only variable cost is electricity.

JSEcoin is different, it is mined using background resources within a web browser tab. The additional power consumption when the device is in use is miniscule. The CPU usage for our hashing algorithm is less resource demanding than the loading of a video advertisement. By using surplus CPU availability within the browser we can efficiently hash data at scale to secure the JSE blockchain.

In the future all industries will need to move towards energy efficient technologies including cryptocurrencies and fin-tech.