Monday, June 17, 2019

Opinion: Bitcoin Mining Will Improve With Time

One of the major talking points against bitcoin mining is the fact that it is very expensive, which means that, only a privileged few will be able to mine the precious crypto. Coupled with the very expensive nature of the crypto, the machines that mine Bitcoin emit quite a lot of heat and environmentalist are using it as an excuse to ask for a very tight regulation while antagonists are of the opinion that Bitcoin mining should be scrapped once and for all.

But if computers were scrapped during its first stage, due to its many challenges, what would we have now?

The first attempt at building a computing device was Abacus, which existed over 4000 years ago, the first generation computers followed suit in the 1940’s with its outrageous size, heat and all other negative talking points.

The second generation computers analysed the deficiency of the first and decided to use transistors, instead of vacuum tubes, the decision paid off, as the sizes reduced tremendously, the heat was manageable, and some of the deficiencies were reduced to its barest minimum.

The 1960’s and 1970’s changed the face of computing devices as computers became smaller, faster, produce less heat and became sleek. It’s a whole new, different ball game now, laptops, tablets and other computing devices have revolutionised the sector, and can only get better.

While it is true that Bitcoin mining is very expensive, and emit quite a lot of heat due to the ASIC’s,but through adequate research and a steely determination, there is a very great probability that more portable and advanced computers will soon be in circulation, that will mine Bitcoin, without experiencing the issues currently in circulation.

The major reason for the expensive nature of Bitcoin Mining is the fact that the ASIC is expensive and only a few miners can afford it, which is the major reason for having fewer mining pools, with many miners working together on each pool.

Miners should not be too disturbed on the current nature of Bitcoin mining and critics should not be too happy either. The world is going at a very fast pace, and things happen these days in split seconds. Technological advancement will come to the rescue of most miners and Bitcoin will go back to the darling of virtually everyone and of course the shining light of the crypto industry once again.

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