Environmentally friendly Green Bit Coin is coming!
Negotiators from 192 countries held the Copenhagen World Climate Conference summit in 2009 to discuss the follow-up plan after the first phase of the commitment of the Kyoto Protocol expires, that is, the global emission reduction agreement from 2012 to 2020.
On February 26, 2021, the UN Climate Change Committee issued the ‘preliminary comprehensive report on national self-defined contributions’, The report shows that if Paris countries want to achieve the goal of global temperature rise limited to 2℃ in the Paris agreement by the end of this century, preferably target is 1.5C, they will have to redouble their efforts to submit a stronger and more ambitious National Climate Action Plan in 2021.
2021 is a make-or-break year for addressing the global climate emergency.To limit the global temperature rise to 1.5 ℃, global countries must reduce global carbon emissions by 45% based on 2010 before 2030.
Under the big background, the recent digital currency field is also not peaceful. On May 13, Musk accused Bitcoin of being unenvironmentally friendly on Twitter and announced to suspend Bit Coin as Tesla’s payment method.
On May 21st, the Chinese government has once again clarified the strict supervision attitude of the financial supervision department towards Bitcoin : “crack down on Bit Coin mining and trading behavior, and resolutely prevent individual risks from passing to the social field.
In IEA data shows that,in 2019 when Bitcoin “mining” consumed 50 to 70 megawatt-hours, it was roughly equivalent to the consumption of countries with the same volume as Switzerland (63 megawatt-hours per year). The multi-country research team used the Bitcoin blockchain carbon emission model to track the carbon emissions of Bitcoin blockchain operations in China. According to the current Bitcoin “mining” trend, they predict that the energy consumption of Bit coin blockchain operations will reach a peak of about 297 trillion watt-hours in 2024 and will generate about 130.5 million metric tons of carbon emissions.
The birth of Bitcoin — the beginning of a great experiment
Bitcoin was first proposed by Satoshi Nakamoto on November 1, 2008 and was officially born on January 3, 2009. According to the ideas of Satoshi Nakamoto, the open-source software designed and released, and constructed the P2P network on it. Bitcoin is a virtual cryptocurrency in the form of P2P, and the point-to-point transmission means a de-centered payment system.
Unlike all currencies, Bitcoin does not rely on specific monetary institutions to issue, it is generated through a large number of calculations based on specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors, and the design of cryptography is used to ensure the safety of every link of currency circulation.It has ensured the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited and has a strong scarcity.
In 2010, a programmer named Lastlo Hanyecz used 10,000 Bitcoins to buy two pizzas,a bitcoin is worth only 0.003 cents. By 2021, one Bitcoin had exceeded 60,000 US dollars, with a ten-year increase of more than 10 million times.
Bitcoin is used for a variety of purposes, including funding companies, investing cash and making free transfers and so on; Many countries and regions around the world recognize the value of Bitcoin. In Japan, Bitcoin is a payment method approved by law, Iran uses Bitcoin as foreign exchange reserve, North Korea is also involved in mining at the national level, Germany regards Bitcoin as the private property of the public, Canada, the United States and other countries allow public to legally hold Bitcoin.
Why is the existing Bitcoin generation process not environmentally friendly?
To understand this problem, you must know how Bitcoin is generated: At regular intervals, the Bitcoin system generates a random code on the system node,all the computers on the Internet can look for this code. Who find this code, will can produce a block, then get a Bitcoin. This process is what people often call Mining.
That’s because as the price of bitcoin rises, new miners have more incentive to join the Internet to search rewards. As new miners join the network, the number of mining machines increases, the difficulty increases, and the amount of power on the network increases accordingly.
For example, take mining machines (Ant S9) with low power consumption on the market as an example, the computing power is 13.5t, the power consumption is 1400W, and the mining machine consumes 33.6 degrees of electricity when it runs in 24 hours;The computing force of the machines with high power consumption on the market (Ant 19PRO) is 110t, and the power consumption is 3250W. Under 24-hour operation, a single machine consumes more than 70 degrees of power.Bitcoin mining machines need to operate 24 hours a day, so the power consumption of a single machine is very large in one year.
Among all fossil fuel emissions, coal has the most serious environmental pollution. Bitcoin mining and trading can easily lead to a rapid increase in coal consumption. At present, the main source of electricity is thermal power generation, which is concentrated in Inner Mongolia and Xinjiang in the Chinese mainland. The exponential demand for electricity leads to serious resource consumption and serious environmental pollution, which is also an important reason for the Chinese government to make up its mind to regulate.
Bitcoin miners like the fact that it costs money to produce Bitcoin because it injects value into them. So it can be said that bitcoin networks convert energy into Bitcoin. Value is only stored energy, time or work, which can be used later.However, the problem of non-environmental is also the core factor that the Mining has been criticized.
Therefore, a group of early Bitcoin investors, followers and a group of technicians who love the blockchain career,based on their belief and support for Bitcoin, jointly built a environmentally friendly Green Bit Coin, and Green Bit Coin was born. The concept of “Green Bit Coin” is to establish a truly environmentally friendly bitcoin system that adhering the belief to Bitcoin while reducing carbon emissions and being true environmental protection.
Idea building Green Bit Coin comes from the well-known bitcoin community: bitcointalk
Green Bit Coin — An experiment to make environmentally friendly Green Bit Coin
Faced with this contradiction between environmental protection and benefits, Green Bit Coin’s experimental scheme is actually bringing the digital economy into a greener future. I learned some basic contents of Green Bit Coin from the materials collected in some forums:
In the future, Green Bit Coin the main chain will be released on BSC. We should not choose the Ethereum main chain or other main chains. The purpose is to achieve environmental protection, low cost and low transaction cost. Future number of releases: 210 trillion, 21 million destroyed in 10 years, paying tribute to 21 million bitcoins.
Green Bit Coin will also add liquidity mining according to the BTC block rule and halve by 4 years according to the contract time,and halving the block height and the total amount of coins in four years. In the process, in order to catch up with the halving speed of Bitcoin , Green Bit Coin will add fast halving time to catch up with the number of Bitcoins (the same proportion), and finally it will be the same as Bitcoin ‘s Halving rate. The whole process gives Bitcoin believers the opportunity to realize their dream of going back to the past and witness the whole process of Bit Coin ‘s growth once again.
The discussion about Green Bit Coin
In the Green Bit Coin mining mechanism, there is no need to purchase real mining machines, but refer to the mining machine mechanism of Bitcoin. In the process of liquidity mining, the most popular NFT method will be adopted Generate, generate a credential (asset credential). The Green Bit coins in the liquid mine pool will be split into two parts: one part can be circulated at any time, and the other part will be kept in the liquid mine pool and converted into NFT vouchers at the same time, and NFT can be traded in the secondary market. Green Bit Coin liquidity mining, no energy consumption, more environmentally friendly, it promotes financial development and also realizes the initial concept of Green environmental protection.
Since the earliest the group of Bitcoin believers put forward the “Green Coins” experiment begins, Green Bit Coin then has shouldering the responsibility of becoming a pioneer in the Green digital economy. Some eternal greatness comes from the tiny beginning. As Bitcoin believers and witnesses of the digital economy, we sincerely hope that this Green experiment will succeed!