An era of uncertainty hangs over Bitcoin and Proof of work cryptocurrencies. The reservations are brought about by the amount of energy required to generate new coins and keep the entire system secure and updated. Cryptocurrencies are clouded with statements such as they consume too much electricity. As such, what is meant by the comments is that miners of the crypto coins draw a lot of energy from the grid and thus incurring massive electrical bills. However, that is a misconception as Bitcoin consumes no power. From the law of conservation, energy remains constant. Therefore, it cannot be created or destroyed.
The process of mining crypto turns electricity into heat. As a result, during winter, the process can be used to generate heat instead of using conventional heating methods. In some instances, the power bills may even out as the energy produced is enough to warm the house. It is primitive to see crypto miners generate a lot of heat and dispose of it while industries in the agriculture sector burn millions of dollars in fuel to create heat for their market gardening. Partnering crypto mining with such enterprises and business should most probably, result in higher power efficiencies.
On the other hand, the Blockchain technology will allow for the distribution of several database operations from expensive location to remote centers. As such, it is bound to bring a lot of energy benefits. However, AI carries with it the same problems as crypto mining. AI uses the same chip technology and generates a tremendous amount of energy per device. Using cooling techniques such as air conditioning to cancel out the effects is primitive. It is possible that the approach adopted today in negating free, but unwanted energy will be phased out as soon as the first generation of the energy-recycling technologies rolls out.
AI and crypto mining will generate revenues in the computing sector and the recycled energy sector. Heat will most probably be the primary product in many aspects. AI and Crypto mining technologies are expected to revolutionize cold places. Places like Iceland will be able to achieve energy sustainability by using it twice for recycled energy and computation. The AI and crypto mining drive their development on the backbone of energy consumption. However, in the future, the produced heat will not go to waste. Instead, cold-rich lands will be opened up the same way hot-rich lands have been opened up by air conditioning.
