• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

The Bitcoin Network is More Secure and Greener Than Ever

Rick Delafont by Rick Delafont
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
The Bitcoin Network is More Secure and Greener Than Ever
Advertisement

A report into Bitcoin mining has determined that Bitcoin is not the environmental disaster it is often painted as in the media. It turns out that the sophisticated computer units securing the network are mostly being powered by clean, renewable energy.

The revelation comes at the same time that Bitcoin hash rate is close to its all-time high. This means that the network itself is also close to the most secure it has ever been.

Bitcoin Miners Favour Green Energy: Take That, Environmentalists!

It looks like one of the Bitcoin naysayers’ favourite arguments might soon be obsolete. Researchers from CoinShares claim that the network is actually running on around 75 percent renewable energy.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The crypto investment products and research firm have just published the third instalment of its Bitcoin Mining Report.

Much of the report focuses on the profitability of Bitcoin mining. It states that Bitcoin can currently be mined profitably at a price of around $3,300 / BTC.

The report also found the following:

  • The network was growing in line with five years trends, although mining equipment sophistication is accelerating faster than expected.
  • Miners prefer areas with abundant hydroelectric power – Scandinavia, The Caucasus, The Pacific North West, Eastern Canada, and Southwestern China. These areas are thought to be favoured because much of the power generated there goes unused.

However, the most interesting bit of the document is the overall estimates of how much of the network relies on renewable energy.

Bitcoin is often attacked by environmentalists as being wasteful. They argue that the fact that the network consumes the same amount of electricity as some nations on the planet is unacceptable. However, such an argument is highly reductionist as it does not take into account just where that energy was sourced from.

The new figures from CoinShares pour water all over the argument that Bitcoin is a natural disaster waiting to happen.

BTC: Clean, Green, And Secure as Ever

At the same time as Bitcoin also being revealed to be much more environmentally sound than most appreciated, it is also close to its all-time high in terms of hash rate.

Image Courtesy of Blockchain.

Hash rate, in layman’s terms, refers to how many times a computer system can guess a string of letters (hash) that allows them to add a block of transactions to the Bitcoin blockchain. Each Bitcoin mining unit will have its own hash rate. The above graph shows all the hash rates of the miners working to secure the network combined. The high hashing power of the network has resulted in the network being the close to the most difficult to attack that it has ever been.

In fact, original Bitcoiner and CasaHODL CTO, Jameson Lopp, highlighted the following potential attack vector as being more expensive to successfully exploit than it has ever been.

The amount of time it would take for an attacker with 100% of the Bitcoin network hashrate to rewrite the entire blockchain has reached an all-time high of over 400 days. pic.twitter.com/kCk8ZKlIqH

— Jameson Lopp (@lopp) June 7, 2019

 

Related Reading: Think Bitcoin is Wasteful? Have You Ever Thought About the True Cost of Fiat?

Featured Image from Shutterstock.
Tags: bitcoincoinsharesEnvironment
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

sovi finance

SOVI on HECO Liquidity Mining Updates

4 hours ago
alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

7 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

7 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

8 hours ago
Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

9 hours ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

9 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.