At a time when Bitcoin's fourth half-life is expected to be only about seven months away, competition for Bitcoin mining is still fierce. There was no environmental pollution problem through bitcoin mining when mining competition was not severe because of the low price of bitcoin, but now that mining competition has intensified, bitcoin mining is polluting the environment.
Bitcoin pollutes the environment because of its mining method. Bitcoin's mining method is a PoW(Proof of Work). PoW is a method of acquiring cryptocurrency by participating in complex computer mathematical operations. It is constantly creating and maintaining blockchain using the power of computers. In other words, PoW is a mining method in which miners solve complex mathematical operations and receive cryptocurrency as a reward.
Therefore, high-performance computers continue to operate to mine Bitcoin, so even cooling devices to cool down the computer are forced to operate 24 hours a day. As a result, electricity used for Bitcoin mining has increased to a level equivalent to Sweden's annual electricity use.
Due to these problems, criticism and concerns over the Bitcoin mining method have grown recently. Last year, Kazakhstan, the world's second-largest cryptocurrency mining country, also temporarily suspended electricity supply for bitcoin mining as severe power shortages continued. New York, the region with the largest amount of cryptocurrency mining in the U.S., also proposed a bill to the Senate to ban cryptocurrency mining for two years.
Then, is there a way to mine without environmental pollution problems? That is the PoS(Proof of Stake) mining method. Since PoS is a method of mining according to the share of coins it has, it can reduce power consumption because it does not require many computers, so it can be viewed as an eco-friendly mining method. However, POS can eventually lead to damage to decentralization, the core value of the blockchain, because more rewards are given if you hold a large stake.
With cryptocurrency investment becoming increasingly important as a means of financial technology to increase assets, how can we participate in cryptocurrency mining without the burden of environmental pollution?
Of course, participating in cryptocurrency mining that chooses PoS is also an eco-friendly way, but there is also a way that mining activities directly benefit the environment, which is a way of mining cryptocurrency through recycling.
It is the mining of cryptocurrency through PET bottle unmanned collectors, which is currently attracting attention in Korea. An unmanned collector called PET IRIWA provides a point that can be used immediately like cash and a Mining point that can be converted into cryptocurrency when one PET bottle is injected.
Pet bottles crushed through unmanned collectors become flakes, and operators collect flakes and turn them into usable resources again. In this process, flake revenue is generated and this revenue is distributed back to users. In other words, cryptocurrency can be mined by using a plastic bottle unmanned collector for recycling.
Mining Point paid by PET IRIWA can be converted to RIWA Coin, which is currently listed on MEXC and LBANK.
As more people mine cryptocurrency through recycling, the ecosystem will expand further, which is expected to be a trigger to continue to increase the value of RIWA.
Isn't it worth noting and watching that mining activities themselves can help protect the environment?