Bitcoin mining Vs. Slot machine
Round-the-clock, the miners are trying to get a reward as a winner miner in competition with other miners and by using enormous electricity consumption. Every ten minutes, a miner is selected and the new competition begins immediately.
The authors of the article are Somayyeh Gholami and Mehran Kazeminia
The mathematical calculations of the miners don’t solve any real problem; they haven’t any creativity and do not help mathematics. In these calculations, only massive random numbers are added (combined) one by one to a particular type of math function (hash of block contents) and the result of this combination is calculated for each random number. The winner miner finds out the correct random number faster than the others. A random number is the correct one that in combination with this mathematical function produces a certain result.
Finding this correct random number is very similar to play a slot machine. A person inserts cash or ticket into a machine and keeps on playing to win. Either inserting more cash or ticket and playing more help winning chance increases and the same way, in mining operation, adding new mining machine and consuming more electrical power let the chance of winning increases.
The staggering electricity bills of miners is not only about money but the study, which was carried out in October 2018 on global climate change, showed that in less than three decades, Bitcoin mining could increase global temperatures more than 2 degrees Celsius.
Bitcoin transactions are one of the most expensive and with the highest energy consumption in the world because the electricity consumption of each Bitcoin transaction is thousands of times more than a regular visa card transaction. Unfortunately, the annual power consumption of miners exceeds 50 terawatts per hour. We have already discussed these issues in a different article and you can learn more here:
Let’s not forget that Bitcoin is the world’s first Blockchain network and until today remains the most popular cryptocurrency in the world and should be preserved. Bitcoin’s creator ten years ago proposed the POW(Proof-of-work)mechanism which was a great idea to launch the first decentralized network (as a pilot project). But this method for long life needs to be corrected and its current state cannot always continue.
We have addressed these issues in the different perspectives and articles and in order to solve them, we have proposed a new generation of Blockchain network. In our approach, smart contracts replace the miners and block producers so we’ve named it from the very beginning Smart Blockchain.
