Legislators, the general public, and environmentalists are concerned about the amount of energy blockchain mining consumes. They point out that proof of work (PoW) mining consumes more energy than some countries yearly. These arguments have led to lawmakers proposing bans on PoW mining, but it has also led to blockchain miners acknowledging the problems within their industry and innovating to make PoW more energy efficient than it currently is.
The blockchain mining and energy innovation panel on May 26 at the BSV Global Blockchain Convention in Dubai will explore blockchain mining and the energy consumption issues that surround it as well as the innovations taking place that are allowing miners to become more energy efficient than they currently are.
The panel will feature four experts in the blockchain mining world: moderator Patrick Thompson, the associate editor for North America at CoinGeek, along with panelists Alex DeVries, the founder of Digiconomist and creator of the Bitcoin Energy Consumption Index; Richard Baker, the CEO of TAAL; Professor Robert Lee, the founder of International Blockchain Economy and Blockchain DBA as well as the founder of 518 Blockchain Community; and Kurt Wuckert Jr., the co-founder of Gorilla Pool.
The blockchain mining companies
Each individual comes from a unique corner of the blockchain mining industry and spends significant amounts of time and resources solving problems within that sector.
DeVries is the creator of the Bitcoin Energy Consumption Index, the BTC mining analytic platform that made many people aware of the Proof of Work mining energy consumption issue for the first time back in 2016.
Baker is the CEO of TAAL (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF), the vertically integrated blockchain infrastructure and service provider for enterprises that control roughly 425 petahash in their mining operation.
Lee is the founder of International Digital Economy and Blockchain DBA, as well as the founder of 518 Blockchain Community. He is connected to many educational institutions, industry associations, investment funds, R&D institutions, and blockchain mining farms worldwide.
Wuckert is the co-founder of Gorilla Pool, the BSV mining company that holds the record for mining the block that contained the most transactions on the Bitcoin SV network–block #733689, which was 3.82GB in size and had 2,512,670 transactions.
Moderator Patrick Thomson is the associate editor North America for CoinGeek. He spends a lot of his time reporting on the blockchain mining industry and the ongoing debates and political issues that revolve around its energy consumption.
The energy consumption of bitcoin
The number of Bitcoin miners in the world is growing. Globally, there are a significant amount of mining facilities being constructed, and more mining rigs are coming online as miners are perpetually trying to accumulate hash power to give them an edge when it comes to solving blocks. Some individuals believe the amount of electricity that Bitcoin mining consumes is problematic. Others look at the fruits of the labor and say the energy consumption is warranted and worth it. Regardless, it never hurts to optimize and become a more efficient business.
To learn more about the energy-efficient alternatives miners are exploring, how much electricity Proof of Work mining actually consumes, and how legislators are approaching this issue, tune into the BSV Global Blockchain Convention on May 26 to find out how industry professionals like Thompson, DeVries, Baker, Lee, and Wuckert are tackling blockchain mining.
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