With the next Bitcoin halving event just around the corner in May, some individuals invested into that particular form of cryptocurrency have looked into leveraging “surplus energy” as a cost-saving measure for mining operations. This brings to mind the initial days of Bitcoin where minors would eye for network rewards.
Galen Moore, a senior research analyst with CoinDesk, remarked that Application Specific Integrated Circuits’ introduction was a true game-changer for how Bitcoin is gained and protected. When a person accepts that a more capable machine will yield more results, which in turn leads to higher profits, then that person is going to do everything in his power to have the top machine whenever possible, if only to keep current with his competitors.
Dave Carlson, a bitcoin miner well acquainted with the crypto-mining devices off 2012 and 2013, commented that Chinese firms and tech companies made themselves into the leading authority on production of bitcoin and the machines used to mine it. It was not until three years later that Chinese mining operations would begin to diminish in influence when compared to similar operations in other parts of the world. The pursuit of more efficient power production is regarded as the chief factor in this shift of influence.
With Bitcoin set to be halved in May, many miners are seeking to re-purpose the waste fuel released by natural gas and hydroelectric power as a means of further mining for bitcoin. This sort of situation would allow profits at no cost-the surplus energy is basically recycled into profitable Bitcoin by skipping the profit-eating step of generating a power source. If such measures are viable on a large scale rather than only at the level of an individual miner’s influence, it is a safe to assume that we will be seeing some major breakthrough in mining technology.
