BITCOIN is an advanced method of payment. It’s a virtual form of currency that is exchanged by person to person without any involvement of any central authorities. You can earn bitcoin from various websites that serve as trading platforms. Investors who are willing to sell BITCOINS in exchange for credit card payments need to be found. The feesare made from an account either through a computer system or by using smartphones. The receiver’s address has to beentered which is verified with the help of QR codes.
The purchases and sales made using BITCOINS are termed as “transactions.”Normally, the transactions made using credit cards or debit cardsare documented by the concerned banks. In the case of BITCOIN trading, it’s backed by the “users” all over the world. These users are called “miners.” This computational network records the transactions,and the accuracy of these transactions is also checked. However, this list of data is kept public and thus, making it easily accessible to anyone and everyone. These documented digital records are called as “Blockchains.”It’sessential to make sure that the transaction data which is recorded in the public list is accurate. However, the checking of a considerable number of transactions is quite tricky.
Whenever a new block of the transaction is added to the Block Chain, the miners are given a reward. This reward is called “Block Reward.”
POWER CONSUMPTION AND CARBON EMISSION BY BITCOIN MINING:
It’s estimated that the amount of power consumption by BITCOIN mining is too high. The electricity required to run the software of BITCOIN is 255Gw. The minimum amount of energy needed is 77kw. Moreover,the energy necessary for each transaction is estimated to be 215kw. Furthermore, the number of purchases made per day is around 300,000. Hence, the power consumption is sky high per day. BITCOIN mining also causes another big environmental issue of “Carbon Emission.”It’s estimated that about 8000 – 1300kg carbon dioxideis released per BITCOIN mine. Moreover, about 24000 – 40000kg of carbon dioxide is released per hour because of BITCOIN mining.