The Future of Bitcoin? Green Energy + Lightning Network
The most biting critiques against bitcoin currently pertain to its scalability issues and the astonishing amount of electricity it takes to the secure the cryptocurrency’s network. These critiques will fall by the wayside as the Lightning Network and green energy mining come into their own together.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Scalability & Cleanliness Are Next to Godliness …
Bitcoin appears poised to transcend both its energy and scalability concerns in the months and years ahead thanks to the synergistic advent of layer-two scaling solution Lightning Network (LN) and green energy mining operations.
The dynamic is two-pronged. First, LN would shift a considerable amount of transaction throughput off-chain. If successful, then, Lightning would scale up bitcoin for mainstream use.
Secondly, the cryptoverse is already seeing many bitcoin mining operations shift to countries where green energy is exploding, e.g. hydro power in Canada. And this dynamic isn’t going anywhere anytime soon.
As Hackernoon‘s Knut Svanholm explains:
“This is not a coincidence. Green energy is getting cheaper and cheaper even without subsidies and miners need to plan ahead. Furthermore green energy alternatives provide independence in a way that fossil fuels never could. A mining farm in a cold country with a lot of wind and sunlight could be a completely self-sustaining money machine one day.”
So bitcoin’s current biting critiques are fair. But neither may be valid for much longer as the march of progress continues on.
Perpetual Money Machine?
Under the scenario Svanholm suggests, a green miner would only need to leave a program running in order to assess energy flow — stopping and restarting miners as needed. Solar and wind energy could be diverted to more or less perpetual bitcoin mining operations.
So money doesn’t grow on trees, but in the not so distant future, it could be coursing down and through the sky.
And as clean energy options are becoming increasingly affordable throughout the world, operations like Svanholm’s proposal won’t only be environmentally responsible, they’ll be economically viable, too.
Doubly economical viable, as the operations would be able to rely on LN to move their revenues around without congestion or high fees.
NastyMining Made the Switch Last Year
Nearly one year ago, Bitsonline chatted wtih OgNasty of NastyMining about his Green Energy Project, his organization’s shift toward green mining.
As OgNasty told us, the initiative was done to reflect NastyMining’s dedication to “socially responsible Bitcoin activities.”
It seems to be the first of many similar transitions to come for mining operations all across the world. Give the chat a further read below.
What’s your take? Do you think green energy mining + LN has the potential to make bitcoin the currency of choice in the 21st century? Or do you think the road to hell is paved with good intentions? Sound off in the comments below.
Images via smash-tech, Wikipedia