Bither Platform, a new blockchain based platform that seems to be disruptive in this industry has become a subject of discussion these days.
In Mid-2018, the required hashing power for only mining Bitcoin was about 32,168 PH/s. The electricity usage for Bitcoin mining is about 0.32% of the total usage of electricity throughout the world. This is almost equal to the electricity consumption of six million American families. Currently, the annual cost of electricity for mining Bitcoin is about $3.5 billion. By the growth of Bitcoin, it will become more secure due to the increase of network difficulty, but this level of security comes with a cost, and that means more electricity consumption. The catastrophic part is when every day we hear bad things about the carbon footprint because of industrial activities and fossil fuels used for generating electricity and so on.
However, it seems that all these valuable energy resources are consumed for invaluable computing. The critics believe that the issue of energy dissipation would be a major threat to the future of Pow based cryptocurrencies.
On the other hand, we hear some good news that a couple of teams are working on such issues and challenges. Accordingly, a European start-up has succeeded in introducing an interesting blockchain based platform in this space. The platform of this start-up bitherplatform.io along with other systems in this industry will bring more features to enthusiasts.
This platform is an innovative and practical solution for some challenges in this industry especially for the energy dissipation of mining which is very critical these days. Because of the new design and architecture of Bither platform, more than 80% of hashing power used by miners could be reused for targeted computing and applications.
Some features delivered by this platform:
• The final solution to prevent energy wastage used for mining by modified protocol and innovated architecture.
• Fundamental changes for side-chains implementation and possible definition of coins in the third layer.
• A well-formed categorization ability for projects of start-up developers based on Bither platform.
• Delivering a modular infrastructure for implementing scientific and research projects.
• Possibility to use extra hashing power for scientific developments.
• A solution for profitable mining during the market downturn.
• Preparing a proper space for holdings on the network because of its advantages.
• Integrated managing infrastructure and implementing stock and profit distribution systems.
• A special standard to increase public observation of the projects.
• The mutual interests between organizations and the providers of computing power on the Bither platform.
• An efficient and truly operable solution to implement decentralized exchanges on the Bither platform.
Bither platform is trying to address long existing problems in the blockchain space that are holding back this technology, and if they deliver what they are claiming(due to their whitepaper it seems they know the ways to do that), the blockchain technology's reputation as an energy-consuming technology will change to an energy-saving one(by helping scientific and research projects).