The Future Of Cryptocurrency Mining
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? 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 I am biased.
I am a huge fan of Bitcoin and I don’t believe Satoshi ever envisioned his creation would turn into the monster it has become. Browser based mining will revolutionize the cryptocurrency industry and JSEcoin has the first-mover advantage, lets move fast and mend things.