How AuraPool can change the traditional bitcoin mining industry
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The Bitcoin network is always in controversy because of its PoW nature and its significant use of electricity. According to many research studies, the bitcoin network consumes 84 TWh per year, which is equivalent to Argentina’s annual electricity consumption. The problematic part of this is that a large portion of this electricity consumption comes from fossil fuel-generated electricity, which is not a great sign for the environment. Many suggest that shifting towards clean mining like hydro, wind, and solar can be a great solution, but the efforts to make this happen are minimal. This is when AuraPool comes into the picture. In this article, we will explore how AuraPool can change this.
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Eco-Friendly Bitcoin Mining
As you are all aware, AuraPool will only introduce mining farms that use 100% renewable energy to mine bitcoin. As a result, AuraPool will become a more appealing choice for consumers looking for a more environmentally friendly way to mine bitcoin. Those mining farms, on the other hand, that are still utilising traditional ways to mine bitcoin, can transition to sustainable energy sources to mine bitcoin. This will eventually assist to minimise the overall carbon footprint of the bitcoin network.
More decentralisation of the network
Because of the uncertainty in the bitcoin price, many mining farms do not want to set up bitcoin mining farms. That is why they do not establish bitcoin mining firms; however, using AuraPool, they can sell NFTs to obtain funds to continue mining bitcoin because they can now monetize their hashrate output ability. This will gradually expand the number of bitcoin miners and participants. As we all know, the more miners there are, the more decentralised the bitcoin network becomes.
High participation in the network
Many people want to mine bitcoins, but they don’t have the amount of money to build a bitcoin mining setup, including the electricity consumption, which can be on the higher side depending on the place or country you live in. But with AuraPool, you can mine bitcoin without any mining setup, without any electricity consumption, or without any legal issues. You just have to hold hashrate NFTs in your Cudos wallet, and the issuer mining farm will mine bitcoin for you. Which will eventually increase the number of people who want to mine bitcoin via hashrate NFTs, resulting in a larger number of people participating in the Bitcoin network.
Conclusion
These are the few points, according to me, that can change the traditional bitcoin mining industry. AuraPool has the capability to reduce the carbon footprint of the bitcoin network while also increasing its decentralisation and participation. I believe in the bitcoin network, and initiatives like AuraPool can help in the betterment of the whole bitcoin network.
AuraPool
Aside from NFT buyers, collectors, and bitcoin miners, AuraPool is bringing gamers onto the platform. Gamers can compete for hashrate NFT, and there is also the possibility that a team can organise some kind of competition in which gamers participate, such as a tournament for gamers, to make mining Bitcoin more enjoyable for everyone.
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About Cudos
Cudos is powering the metaverse bringing together DeFi, NFTs and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.
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