Bill Spence, who grew in the western part of Pennsylvania during the 1970s, used to play with his friends in wastes of coals. He used to do this for hours and hours, not knowing how toxic this waste was. Years and years later, Spence realized how dangerous these piles of waste were, which is why he embarked upon a mission to get the land clean and tidy while making money as well.
His journey started in 2017 when he took over a Venango-based power plant. This plant was particularly made for combusting gob. However, gob is not the best of fuels. What’s more, this plant wasn’t necessarily the most viable. After a few months, Bill got diagnosed with kidney cancer and pancreatic failure. He speculated that it was mainly because of exposure to gob.
During his illness, Bill started to dabble with cryptocurrencies and came up with an idea. This idea constituted of converting gob to bitcoin. As soon as the surgical process was over, Bill immediately started converting gob. Furthermore, over eighty percent of the kilowatt output Scrubgrass produces, now comes in handy for running computers capable of completing bitcoin transactions. What’s more, these highly proficient computers give other high-end devices a run for their money.
Depending on bitcoin prices, which generally gyrate close to 35000 Dollars, Scrubgrass estimates twenty cents per kilowatt per hour with the mining. What’s more, since the plant disposes of the gob regularly, it gathers a decent amount of tax credits in Pennsylvania. While there is no denying that Bitcoin has loads and loads of benefits to offer, it is also abundantly clear that it can be a massive disaster for the environment.
The worldwide network consumes a considerable amount of power, with more miners expected to join. This releases a great deal of carbon into the atmosphere. The reason for this is that miners have to feed around 15000 kilowatts per hour for feeding their respective machines. One of the most frustrating things about bitcoins is that a large portion of the electricity used for them is used for solving meaningless math-related issues.
Creating a false sense of scarcity is the only reason behind the proof of work. Satoshi Nakamoto, the creator of bitcoin made a comment that this situation is no different from gold mining. At the end of the day, gold mining’s marginal cost stays close to gold prices. Sure, gold mining may be a waste, but it is significantly less than having gold for the sake of exchanging it.
Nakomoto believes that the same case is applicable for bicoin. The exchange utility that is possible with the help of bitcoin could exceed the electricity’s cost.