Main Problems Of Blockchain Mining With Solutions
Mining is a most common practice from any Blockchain solution provider. It’s like a driving engine that tokenized transactions in the ecosystem. Miners verified these transactions with proof-of-work protocols and a reward is granted to the miner in the form a small fraction of token with a digital asset status. These tokens can further be used in any retail against any other assets and currencies. Simply, mining is a process that is used in bookkeeping services in a coin/token network to validate or verify transactions.
Now the question arises what are the problems been faced during Blockchain mining.
High cost of Electricity and Mining Hardware:
First thing first, blockchain mining consumes a lot of power. As per a research, globally acknowledged Bitcoin mining consumes electricity almost equal to the electricity required to power a small country within a year.
Other than this, establishing a mining setup which incorporates high-powered computer equipment and setup to keep that environment cool requires a huge investment as the competition in the segment has grown up to a high level, from single-room operations to an enterprises structures.
While the earning of minors are based on a preset ratio against the total coins mined. Consequently, they have need of maximum computing capabilities for maximum profits and everyone adopts the same strategy which results in more consumption of electricity. The consolidated expenditure on electricity and mining setup would not let you see profit in the first few years.
Co2 Emission:
Co2 emission is also among the problems being faced while blockchain mining. It’s because of blockchain mining uses electricity that majorly being produced from coal in developing and underdeveloped countries. Coal, an energy resource that’s available in abundant scale and less expensive over other resources.
Reportedly, coal generates 41% of the Co2 emission for electricity generation and it ranks top in the list of all template warning released by the global environmental watch dogs each year.
Limited Accessibility:
However, the blockchain mining and crypto currencies have evolved to an enterprise structure albeit there is a larger section of the audience in developing and underdeveloped economies who are still unaware of crypto wallets even crypto currencies. Since, the traditional commerce and finance institutions are not evolved there to that level. Therefore, expecting blockchain adoption from such category of people with immediate effect could consider as a shot in the dark.
Pieta: A Blockchain Solution for mentioned issues
For such above mentioned problems there’s a solution available in the blockchain market named Pieta Blockchain Solution which not only focuses on cutting cryptocurrency mining cost but also supports in securing our environment. The Pieta Ecosystem uses the new 20X algorithm for token mining. It is fast and consumes less energy by keeping the mining hardware cool. Also, with the use of solar energy in the crypto mining process, Pieta helps in saving our environment by ending up the risk of Co2 emission.
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