|image Source Google – wired|
Bill Gates is targeting Bitcoin for the open use of Planet Energy for transaction validation.
Bill Gates Says that Bitcoin is bad For the Planet
In a live-streamed Clubhouse session, Bill Gates, popular Microsoft’s co-founder and chair of the Breakthrough Energy Ventures Investment Fund said Bitcoin swallows planet energy due to the highest transactional energy consumption.
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,”
In a broader perspective, Bill Gates is not giving a false warning. Let’s see how Bitcoin cryptocurrency actually works. Bitcoin is an encrypted, public, and shared form of money that is generated by a longer Blockchain code. Blockchain is a collective record, also known as a Ledger, that stores cryptocurrency transactional records in the same way that Excel spreadsheets do.
The Bitcoin model requires transaction data to be stored on volunteer computers for transaction verification. A volunteer computer runs software to verify transactions made under certain rules involving a mutual agreement between both parties, and the buyer has sufficient funds in his Bitcoin wallet.
The volunteers are known as Miners. Kickbacks compensate miners for their hardware and the energy that computers consume. These payments are created in the form of cryptocurrency.
Bitcoins don’t rely on single computer verification. If the system receives enough verified results from different Miners, the transaction is added to the world’s most recent transactions as “Block.”
The transaction’s math requires so much computing power that it cannot be validated by a single computer or group of users, preventing the system from generating counterfeit currency.
Bit mining requires dedicated machines.
This entire process necessitates specialised hardware and consumes a significant amount of power. Furthermore, additional cooling systems are required to keep the machine’s temperature low during complex mathematical processes.
A huge amount of energy is wasted for a single transaction. Bill Gates’s concerns are not just for the headlines. The world is concerned about the waste of Energy which is getting worse every day. So many countries are facing an energy crisis. Our current ways of generating energy are subject to Climate Change. This currency is not good for Green Planet. It is not designed to help fight climate change.