Wesley weber the renowned cryptographer believes that blockchain represents a vibrant industry and will offer new opportunities to numerous startups. But Wesley weber is also concerned about the technology itself as it has a wide range of applications, few of which will be climacteric in the fields of distributed renewable energy, grid management and energy storage among others.

The exorbitant electricity consumption of bitcoin has been widely reported, and it is found that the Wesley weberblockchain technology consumes more electricity than 159 countries.

Blockchain technology excerpts:

Cryptocurrency investment products and research firm ‘CoinShares’, in its bi-annual report, that was released on June 5, estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy.

As per the reports, “the average miner is extremely cost-effective, with even older gear and high-cost producers able to make positive ROI.” The paper also indicates that where there is ample renewable energy supply, bitcoin mining operations are concentrated. The association of bitcoin mining and renewable energy reportedly makes bitcoin mining ‘more renewables-driven than almost every other substantial industry across the globe’.

The report also shows that the hash rate (of about 40%) has been decreased at the end of last year in which there has been a major and prolonged decrease in the network’s computing power.

November 2018 report points out that the renewable estimate is down from 77.8% and reflects increased visibility of the industry on our part as well as movements within the industry. The report also claims that the total hash rate of the network has been increased from 40 quintillion hashes per second (EH/s) to 50 EH/s since last November. This signifies that the growth of the computing power invested in maintaining the network was slower than its 10-year average but in line with the five-year average.

The reports also reveal that the temporary decrease in hash rate (of about 40%) registered at the end of last year was the first registered instance in which there has been a major and prolonged decrease in the network’s computing power.

If CoinShares is to believe, then the recent increase in bitcoin’s hash rate is caused by old mining hardware being powered again after the higher price rendered them profit to deploy next-generation, more efficient, application-specific integrated circuits (ASICs).

As per Cointelegraph’s report which was conducted in May, Canadian bitcoin mining company ‘Hut 8’ got success in making almost $50 million revenue last year, but causing total loss of almost $140 million. The chief operating officer of the company named Andrew Kiguel stated that he believes margins will improve if BTC’s price continues to rise with time.

According to Wesley weber, the future of blockchain applications may need to adopt a plug-and-play infrastructure that is much more user-friendly in order to attain wider diffusion.

Wesley weber also said “This is just the start. We will see how Blockchain will cause changes in the energy market in the future. There are positive opinions about this topic, so we believe that the blockchain can make the energy market better.