98% of mining farms will become useless, and Ripple unlocks 1 billion XPR
PwC: 98% of mining farms will become useless
Increasing in the complexity of cryptocurrency mining, as well as the appearance of new generation devices will reduce the life of mining equipment to one and a half years, said PwC blockchain expert Alex de Fries.
Due to these reasons, 98% of existing equipment will become “useless garbage.”
“98% of devices during their service life are unable to perform the first calculation and receive a reward for finding the block. Therefore, they are useless for several years, wasting energy senselessly, and in the future will become unnecessary garbage, “ — Fries said.
He added that mining is a great threat to the environment since one transaction in the Bitcoin network produces more carbon dioxide than 780 thousand transfers in the Visa payment system.
BTC hash rate sets a new record
On March 1, the total computing power of the bitcoin network reached 136 EH/s, which was a new record. Since the beginning of the year, the indicator has grown by 21%, and by 210% over the past 12 months.
If the hash rate continues to grow at the same rate, halving will occur earlier than expected. The event is scheduled for block 630,000, which is expected to be mined on May 5.
Ripple unlocks 1 billion tokens from escrow wallet
But 900 million were immediately returned to the wallet, so only 100 million XRP will enter the market. This is probably to do with the new policy of the company which seeks to reduce the negative impact on the cryptocurrency rate.
Ripple CEO Brad Garlinghouse said the business would not have been able to stay afloat without coin sales. According to him, this is as important a source of funding as the provision of technology to other companies.
“We would not be profitable or cash flow positive without selling our XRP holdings…if you took away our software revenue, we’ll become less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing,” Garlinghouse said.