Bitcoin Mining has been the backbone of the bitcoin network for ages. These miners play a significant role in providing security to the network and also process every transaction. Many people find that it is a crazy process, but rather bitcoin has been one of the best monetary systems that this generation will ever see. It is the best way of earning cryptocurrency and providing a better service to the global users. In a nutshell, we can say that inserting bitcoin transactions and propagating them into a newly generated block of the network.
If you wish to know the techniques that mines have designed to extract the Bitcoin, then there are various steps that you can take. The Bitcoin Era has mentioned the seven most ingenious ways to mine the bitcoin. However, the following methods indicate that not all the miners are for monetary gains. Few focus on exploring the boundaries of what is practically possible. Let us have a look at all of them!!!
Method 1 – With a Nuclear Reactor
Well, no one has ever created a nuclear reactor that helps in the mining of bitcoin. Even if there is every such creation, it will cover only 51% of the entire network. The power plant of a nuclear reactor every year produces 5.1 TWh. This is approximately 10 percent of the annual consumption of the Bitcoin network. Nuclear reactors face an unusual situation because of their power as they generate too much energy. Bitcoin.com has always said that too much release of energy will only waste the fuel. This excessive amount of energy can be used in mining the Bitcoin.
Method 2 – Using a Moon Computer
The Apollo Guidance Computer (AGC), founded in the 1960s, helped guide a US rocket to the moon. It managed to pass the test, but a 16-bit computer is no longer useful in today’s fast-paced digital world. However, this hasn’t stopped the explorers from trying to mine bitcoin on the AGC. They admitted that the machine is so sluggish that it will require a lot of time in mining a Bitcoin block.
Method 3 – Use the Waste Gas
Some mining centers have been installed in oil-producing companies that provide a vent for the gas to get released. Lately, it has been said that this can produce 15 times extra revenue than the fuel available in the market. Other than this, it also helps in limiting the carbon footprint.
Method 4 – Paper and Pencil
The same person that mined bitcoin with the AGC next tried mining by practicing and solving mathematical problems. One of the best things about this method is that it worked. Experts say that one round of algorithm problems takes around 16 minutes and 45 seconds that is ruled out to be a hash rate of 0.67 hashed in a day. In contrast, we could only manage one hash every 10.3 seconds. This was proof that manual mining is undoubtedly a better concept.
Method 5 – While you Grow Tomatoes
Everyone knows very well that cryptocurrency mining usually produces heat. Some of the users have started utilizing this heat for various other purposes. This heat has been turned into a byproduct that has become a very valuable commodity today. Kamil Brejcha used excess heat released from mining in 2018 to grow ‘cryptomatoes’ in a greenhouse.
Method 6 – During the Production of Rum
If you are considering heating your home during the cryptocurrency mining, it is surely a good idea. However, the real patricians prefer making their rum with the help of miners. In the year 2017, an individual with the help of rum barrels created EtherRum.
Methods 7 – Using the Bitcoin.com
The last alternative to set the mining operation is to go for cloud mining. This is a method to produce Bitcoin that doesn’t need the user to purchase any specialized equipment or get any infrastructure installed in it. All you should do is find a provider that you can trust upon. Then from them, you can purchase the hash power.
Bitcoin always invites people to provide their interesting and innovative ideas to develop new ways of mining. With the help of their exclusive ideas, many new methods have been implemented to mine the bitcoin in a much effective way than before. As the mining race increases, we are expecting to see more smart solutions that can derive a greater hash rate at a lower price while further decreasing the environmental effect that bitcoin can create.