As you might imagine, a digital currency like Bitcoin, which has been experiencing tremendous popularity requires computing power to operate. In fact, bitcoins are “mined” created as a result of math problems crunched by serious hardware.
As more bitcoins are mined, the process of their creation becomes more complex, requiring more difficult problems and more computing muscle. It’s estimated that each transaction of bitcoin needs as much energy as used up by 9 homes in the United States during one day.
Could this be myth or fact, as one of the most heard of myths of Bitcoin is that Bitcoin mining consumes so much energy that it’s destructive to the environment. Well not even taking this energy myth consumption into account.
There are other myths making their rounds out there in regards to Bitcoin mining. Some of these myths include.
Myth number one
Bitcoin mining (and other cryptocurrencies) is not worth it anymore… that you must be careful about the increasing difficulty.
To say that it’s not worth to mine because of the difficulty is like saying that you should not start your business because there’s competition. Yes, competition makes it more difficult but also works as a market maker.
Myth number two
Miners, developers or some other entity could change Bitcoin’s properties to benefit themselves.
Bitcoin’s properties cannot be illegitimately changed as long as most of bitcoin’s economy uses full node wallets. Transactions are irreversible and un-censorable as long as no single coalition of miners has more than 50% hash power and the transactions have an appropriate number of confirmations.
Bitcoin requires certain properties to be enforced for it to be a good form of money, for example: Nobody ever created money out of nothing except for miners, and only according to a well-defined schedule.
