Ethereum: Why can’t I use supercomputers to extract all bitcoins?
As a newcomer in the world of cryptocurrencies, you may have heard of Bitcoin and Ethereum, two of the most popular digital currencies on the market. You probably have been prevented by the concept of “mining” Bitcoin, where individuals use strong computers to solve complex mathematical problems in exchange for new bitcoins.
In this article, we will deepen why the use of supercomputers to extract all bitcoins is not possible and what is behind this limit.
problem with mining
Mining Bitcoin requires a significant amount of calculation power. The process involves solving complex mathematical equations, known as “hash functions”, which are designed to validate transactions in the Bitcoin network. To solve these equations, the miners use specialized computers that run complex algorithms. The energy required to perform these calculations is substantial.
Currently, the total hash rate (the number of calculations that a computer can perform per second) in the Bitcoin network has reached over 200 Exahashes per second (EH/S). This is an astronomical amount and is what allows the creation of new bitcoins through mining.
Why supercomputers are not enough
There are several reasons why supercomputers cannot be used to extract all Bitcoins:
- Energy consumption : Even with extremely powerful computers, the use of a significant portion of the world’s energy supply is not possible.
- Cost : The construction and maintaining of such massive computing platforms would require a huge investment in hardware and electricity.
- Limited scalability : As the Bitcoin network increases, as well as the demand for mining power. Increasing the hash rate would require stronger computers, which leads to higher energy consumption and costs.
Other methods to ensure network
While traditional mining is the most widely accepted method of assuring the Bitcoin network, other approaches are explored:
- Proof of Saturday (POS) : In this consensus algorithm, the validators are chosen according to their “stake” (ie, the quantity of cryptocurrency they own). This approach is less energy consuming and does not require as much computing power.
- Proof of delegate (DPOW)
: similar to POW, but the validators are selected based on the “delegate” status (ie, the quantity of cryptocurrency they have). This method has lower energy consumption than traditional mining.
Conclusion
Although it is tempting to imagine a world in which supercomputers can extract all bitcoins, this is not possible due to the significantly necessary calculation power. The energy consumption and the costs associated with the supply of such massive computing platforms would exceed any potential benefits of the use of supercomputers for Bitcoin operation. In contrast, alternative consensus algorithms such as POS and DPOW offer more durable and efficient solutions to ensure the Bitcoin network.
Sources:
- βEthereum 2.0: A new standard for smart contracts and applicationsβ by Vitalik Buterin
- “Bitcoin’s energy consumption” by Coindesk
