Environmental impact causing miners to transition to virtual mining

Published: Fri 5 Aug 2022, 4:11 PM

In the recent years, cryptocurrency, led by bitcoin, has entered the mainstream business world as well as the financial market. For both institutional and retail investors, the supply and demand of cryptocurrencies has a significant impact on their trading and investment decisions. For Bitcoin, they produce new tokens by its mining mechanism. Mining is typically performed using sophisticated hardware that solves an extremely complex computational math problem. Cryptocurrency mining is painstaking, costly, and causes a big burden to the environment.

When someone mines cryptocurrency, they are actually running programmes on their computer that are trying to crack a problem. The first person that solves the puzzle validates the transaction and is awarded a fixed amount of cryptocurrency. The greater the power behind your computer, the greater chance you have of winning the right to update the blockchain and reap the rewards. So, miners are incentivised to put more power behind their mining operations to beat their competition.

Proof of work mining requires a ton of computing power which consequently has a negative affect towards the environment. In the US alone, bitcoin mining has created an estimated 40 billion pounds of carbon emission. The crypto climate accords has amassed 250 signatures from individuals and companies who agree to work towards reducing carbon emissions within the industry. Despite advancements in alternative sources for generating cryptocurrency, proof of work mining doesn’t show any signs of slowing down. In January of 2020, Bitcoins monthly consumption was an estimated 6.07 TWh, which rose to 10.95 TWh by January 2022.

A new solution – EGold virtual mining

As crypto entrepreneurs and industry leaders have inevitably competed to solve the inefficiencies within the space, one company stands out as a leader in battling the environmental impact. EGold is the world’s first mining ecosystem in the metaverse. While most activities have become digitised, EGold proposes that mining should too with its metaverse mining platform. Users can purchase a miner and start mining EGold in the metaverse. The process is as simple as purchasing a miner, and then mine, collect or trade EGold. This can all be done by using their app. Users can enjoy mining in the metaverse without the hassle of holding, running and maintaining physical mining machines in the real world. Users have the option to purchase one of four virtual miners ranging from 20-2500 metahash power. Crypto miners as well as environmentalists alike are highly enthusiastic about the future of mining as EGold is taking charge in tackling the environmental impacts of creating new currencies.

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