Moonlite project: reducing the environmental impact of bitcoins

Share this article with your friends:

Do cryptographic currencies have an impact on the environment?

If you read a little bit the financial press, the spectacular rise experienced in the last ten years (and especially in 2017) by the course of Bitcoin, the famous currency invented by the "pseudonym" Satoshi Nakamoto, you will not have escaped. Perhaps you are one of the ambitious people who have achieved excellent gains in buying and selling these virtual currencies on Forex or another crypto-trading site. But have you never considered the ecological impact of Bitcoin "minors"?

The "minage"Cryptographic currency has no ecological consequence in the traditional sense of the term. However, even if the miners do not actually excavate the earth to extract the resources, Bitcoin is not without creating its own environmental footprint. It is this conclusion that gave birth to the Moonlite project.

Miner bitcoins, what does that mean?

Simply speaking, mining Bitcoins means authenticating and legitimizing transactions using one's own computing potential. Indeed, the strength of the Blockchain network comes from the fact that it is not subject to a centralized authority, like a bank, but left in the hands of network members. A quasi-infallible approach, it is said, since it would be necessary, to defraud, to fool each level of the blockchain and each computer network.

How does one become minor of Bitcoins?

If you thought you had found an easy money mine, think again: the operation is not effortless. Not to mention the step of discovering and understanding the process, the implementation requires a large investment in computer equipment and a willingness to monitor the course of bitcoin permanently.

What is the energy footprint of Bitcoins?

Originally, any aspiring computer scientist could engage in the mining of Bitcoins. Currently, the network is almost entirely made up of processing centers dedicated to large scale mining. Result: It is estimated that energy consumption of the only bitcoin network is equivalent to that the national consumption of Bulgaria, not to mention the cooling of the devices.

What is the Moonlite project?

It's about building a data center in Iceland. It would not only undermine Bitcoins transactions but also many other cryptographic currencies, such as Litecoin or Dash, on the largest scale ever. The energy used by these centers will be entirely renewable (wind and geothermal). Naturally low temperatures in the country will also reduce the need for cooling infrastructure.

Moolite project of ecological bitcoins mining

Leaving aside the possibility of building an organization whose sole purpose is to mine crypto currencies, Moonlite plans to program fully custom-made and ultra-efficient software to assist in the management and operation of the center.

However, the solution remains imperfect, as the representative of the Icelandic electricity company HS Orka, notes that "if the project is realized, our (national) production of energy will not be enough to feed it. Indeed, Icelandic energy is mainly hydroelectric and wind power. If these renewable energies were previously sufficient to feed its small population, they will not do the weight against the estimated 840 gigawatt-hours of the Bitcoins mining center.

Bitcoins therefore remain a great energy consumption but software optimizations are being developed!

Learn more, participate in the debate, how to buy crypto-currencies reliably in Europe? Will crypto-currencies upset society?


Leave a comment

Your email address will not be published. Required fields are marked with *