For those of you unaware, there was a recent commotion in the crypto world, over an off the cuff tweet of Elon Musk, who tweeted out his reservations and concerns about bitcoins power consumption issues, as a result, many people believe that this was the main catalyst, that resulted in the recent crypto market correction. in this article we will review a recent article I read called “Elon Musk And Michael Saylor Lead Effort By Bitcoin Miners To Address Environmental Concerns” and inserting my opinion and commentary, on how I believe that this potentially opens the door for greater adoption of EOS IO technology, and could ultimately result in greater adoption of EOS main-net itself, link to the source article will be below, OK now let’s get started.
To paraphrase the article starts off with, Elon Musk, the CEO of Tesla, sparked the fall of bitcoin and other cryptocurrencies by saying that the electric carmaker will cease taking bitcoin as a means of payment for its electric cars, citing environmental concerns. Musk then tweeted that he spoke with leaders of North American bitcoin mining businesses. The conference culminated in the formation of the Bitcoin Mining Council, which is dedicated to supporting the adoption of environmentally friendly bitcoin mining activities. “I spoke with Bitcoin miners in North America. They agreed to reveal present and projected renewable energy use and asked miners worldwide to do the same.“Potentially promising,” Musk stated in a tweet sent out at 3:42 p.m. E.T. on Monday. Bitcoin’s price increased from $37,940 to $39,405 after the news.
Simultaneously, and in what seemed to be a coordinated effort, Michael Saylor, CEO of MicroStrategy, the largest corporate holder of bitcoin (Tesla is #2), said he had hosted a meeting between Elon Musk and executives from major bitcoin miners in North America, including Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, and HIVE Blockchain. “The miners have decided to launch the Bitcoin Mining Council to promote energy consumption transparency and speed sustainability measures worldwide,” according to the statement. This includes standardized energy reporting criteria, the establishment of industry-wide Environmental, Social, and Corporate Governance (ESG) standards, as well as market education and development.
As you can see, now that the blockchain industry is moving forward into greater relevance, the focus of power consumption is becoming a real issue, EOS addressed its power consumption issues at the start, this is one of the main reasons why delegated proof of stake blockchains, or so superior to their counterparts because it ultimately has far less energy consumption then any blockchain method currently in use today, some will argue of course, that because it only has 21 active block producers producing blocks, that it should not qualify to be a decentralized blockchain. I would argue differently because I believe the main focus should always be a balance of decentralization, performance, and energy consumption. And now the fact that we are even talking about energy consumption in any meaningful way within the blockchain industry, to me marks the mental evolution of thinking, that many in the EOS-IO community have already graduated into. And I do not believe this will be the last mental evolution of the greater blockchain community, as time marches on, I believe they will ultimately begin to open their eyes and see truly, what the main focuses on blockchain should be, if it is ever to be truly mass adopted in a way that is usable, to the greater masses.
To paraphrase the article then continues with, in a written statement to Forbes, Peter Wall, CEO of Argo Blockchain, stated, “The newly-formed Bitcoin Mining Council is the next natural step in supporting a sectoral transition to renewable energy.” “I look forward to working with Michael Saylor and other major North American miners to future-proof an industry that must jointly enhance sustainable mining processes and take ESG issues seriously,” Wall adds. Marathon Digital Holdings and Hut 8 Mining both tweeted about their involvement and the group’s goals. Other members of the Council were unable to comment at the time of publication. The announcement comes as the world’s attention turns to bitcoin mining activities.
Apart from a sharper emphasis on bitcoin mining’s environmental effect, the sector is also facing a tightening crackdown by Chinese authorities on bitcoin mining and trade. According to research published in the peer-reviewed journal Nature Communications, these variables have the potential to significantly upset the distribution and operations of the bitcoin mining environment, where China accounted for more than 75% of all processing capacity on the network as of April 2020. China’s crypto mining hegemony is largely attributed to cheaper electricity prices and large undeveloped lands for pool construction.
In my opinion, this is what I call a clear example of once chickens coming home to roost, proof of work algorithms go a long way in decentralizing the surface layer elements of a distributed ledger, but it comes at a great cost, that many people are now finding too difficult to ignore, especially as the world becomes increasingly more conservationist in its global energy consumption, Bitcoin will naturally be forced to change its energy consumption as well, but the issue will always be in a distributed decentralized ledger community, not all will follow the narrative of clean energy being a component of the production of new coins, and thus a greater rift within the proof of work communities will most likely form of those wanting true decentralization no matter what the cost, versus those that will require proof that the coins that they hold come from clean sources. Because of the trackable nature of a typical blockchain token, technically one could create separate markets, and pricing structures for tokens that were mined from clean sources, versus tokens that were mined from unclean sources. This means that in the future the creation of two bitcoins operating on top of the same network is a significant possibility.
And this is my point overall, all EOS tokens are created from low energy sources, and this is inherently why EOS main-net will likely become a much more attractive alternative to many other proof of work styled blockchains, as many people begin to look for alternatives, in the next coming years, as it becomes more increasingly clear that structural issues within other blockchains will cause them to be limited and their ability to scale, because of the lack of structural ability to meet certain requirements, these metaphorical stress factors will only continue to get worse as time goes on, and eventually, it will become clear for all to see, that EOS got it right and was simply ahead of its time, but ultimately only time will tell.
To all EOS holders, the future belongs to EOS.
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I agree, my favorite ecosystem is part of EOS, the future looks bright.
Everything I know about EOS I know because of CW. EOS seems like it just does everything better, more efficiently, and with just as much security. I'm waiting for it, but it'll boom. I'm pumped.