The Bitcoin uses the proof of stake concensus

[Potuse]

The Bitcoin uses the proof of work PoW consensus and it was made known that the proof of work consensus is energy-consuming and that is why Bitcoin mining takes a lot of electricity . It is not recommended to mine Bitcoin on the phone because it will generate excessive heat.

 

[Planbizzle]

Actually, this assertion is untrue. Rather than using proof of stake, Bitcoin presently employs the proof of work (PoW) consensus mechanism. (PoS). While some coins, like Ethereum, have made the switch to PoS or intend to do so, Bitcoin has not indicated that it will do so.

 

[Nomad]

It is true that bitcoin mining consumes a lot of energy, it is also true that energy consumption for mining cannot be reduced, however, we can switch to green energy and solve the issue of carbon footprint because of mining activities. There is also a benefit of the PoW consensus mechanism. That is everyone can mine and earn bitcoin.

 

[Heatman]

Well, all I can is congratulations to all those whom have been actively involved in Bitcoin mining. I have tried so hard through so many means but none of it worked for me. I know very well that Bitcoin mining consumes a lot of energy power and that's why using renewable energy is recommended.

 

[Nomad]

Even though I have the desire to start a small mining rig, I have not been able to do so because of a number of reasons, and the primary reason is mining is not legal here. Even if it was legal, I might not still be able to set up my mining rig because I would have to invest substantial amout of moiney to set up mining. I would prefer to buy Bitcoin and then put it in earning pools to earn rewards.

 

[Heatman]

Even though I have the desire to start a small mining rig, I have not been able to do so because of a number of reasons, and the primary reason is mining is not legal here. Even if it was legal, I might not still be able to set up my mining rig because I would have to invest substantial amout of moiney to set up mining. I would prefer to buy Bitcoin and then put it in earning pools to earn rewards.

As long as it is a project that is not legal in your country, there is no need for you to even consider it because you will most likely be putting yourself in a very difficult situation if you are caught by the government. Also, looking at their capital involvement in order for you to be able to start this kind of project, it is not something that an average person can be able to afford to do.

 

[Nomad]

yeah, I have no intention of going to jail for doing something that is not legal in the country. However, those who can invest $2000-$3000 setting up a mining rig and use renewal energy to power the mining rig, mining can be a profitable activity.

 

[Heatman]

Yeah, that's very correct. Setting up a viable mining rig, to be used for the mining of cryptocurrency can be a profitable. Also, making use of renewal energy to power the mining rig will cut down the cost you have to pay on electricity which is very good.