Connect with us
Active Currencies 14822
Market Cap $2,403,978,313,220.60
Bitcoin Share 50.63%
24h Market Cap Change $2.88

Get started with cloud mining with QubitHashes

3min Read

Share this article

In 2022, the Bitcoin network consumed 0.5% of the world’s electricity – more than Argentina, but less than Norway. The amount of electricity needed to maintain the network is rapidly growing every year.

Bitcoin is a decentralized network powered by hundreds of thousands of computing devices on all continents. The owners of these devices (these can be ASICs, video cards, processors, routers, and others) are not familiar with each other, but they all solve one problem – they help to conduct transactions in the blockchain (they are engaged in mining and receive rewards for transactions).

The more popular bitcoin is and the higher its price, the more people it attracts to mining. But the bitcoin network is programmed in such a way that the difficulty of mining grows in proportion to the number of participants. The increase in complexity forces the use of more powerful and complex equipment, which, in turn, consumes more energy.

A modern ASIC spends about 3 kW per hour – like 50 table lamps. To earn, it must be constantly connected to the network. As for the growth of complexity, this is also true in the opposite direction. The fewer miners connected to the network at the same time, the lower the mining difficulty. If now all the miners disconnect from the network, we will again be able to mine crypto on video cards, while maintaining the functionality of the network.

With the development of technology, the efficiency of equipment is growing – it consumes less energy and mines more efficiently.

Between 1915 and 1950, the consumption of gasoline, coal, and oil in the world increased 25 times. This was due to the growth of the industry and the automotive industry.

The very first cars harmed the planet much more than modern gasoline cars and electric cars.

At first, we burned candles to light the rooms, then we switched to incandescent lamps, and then we created more and more energy-efficient lamps. And we are still creating.

It is the same in the crypto industry – every year more energy-efficient equipment is produced that does less harm to the environment.

For example, in 2016, the Antminer S9 ASIC was released – its energy efficiency was 100 W perTh (Th or “terahesh” – the computing power of mining equipment).

In 2023, the most popular ASIC is Antminer S19 XP. Its energy efficiency is 30W per Th. If we take consumption, like Antminer S9, then S19 would mine four times more. If we take the frequency as in S9, then S19 would mine the same amount but would consume four times less electricity.

QubitHashes provides mining solutions 

Technological progress allows large companies to rent mining equipment remotely, which makes mining possible all over the world. For example, QubitHashes company rents out Antminer S19 XP power – this is called cloud mining.

All interested investors just need to go to the company’s website, familiarize themselves with the list of contracts (they differ in the amount of rented power, the duration of mining, the level of the referral bonus, as well as the cost), register a personal account and pay for the contract. A team of professionals will set up the equipment personally for you, and the support team will help with all the nuances during mining.

Next, you will accumulate cryptocurrency in your account. In case of any suggestions or questions about the service, let the support team know and write to support@qubithashes.com.

Disclaimer: This is a paid post and should not be treated as news/advice.  

Share

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.