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The mining issue is here!
Bitcoin calculators and data centers, commonly referred to as mining farms, play a crucial role in securing the network with their energy-intensive puzzle-solving process, as only through the Proof-of-Work method is a physical connection to the real world established. Since this process is complex and costly, attacks on Bitcoin are not worthwhile. All participants are encouraged to adhere to the rules set forth in the code to receive a reward for honest work.
However, PoW is constantly criticized and questioned, especially outside the Bitcoin community. Whether due to pure ignorance and simple disinterest or because it currently aligns with the zeitgeist, where politicians hope for voter support through bold attacks on Bitcoin, or legacy media is optimizing their headlines for clickbait once again. There's enough reason for me to engage more deeply with the subject, to operate two miners in Paraguay with electricity from surplus hydropower, and to examine Bitcoin's energy consumption from all possible angles to address unqualified attacks on PoW with pragmatism.
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Author: | Einundzwanzig Magazin |