What are the consequences of crypto mining?

Everyone in the greater Hive community and even more in the Leofinance community knows that mining Bitcoin or other cryptocurrencies can be very resource consuming and most people know that, but have you ever wondered what the consequences are for nature or for the economy of a country? The damage caused to the economy of a country is not as serious as the consequences for the environment.

I would also like to mention that information security hazards may be something we need to be aware of, currently this is not of much importance for those who practice cryptocurrency mining with low budget, such as some ASIC equipment of some small or medium family, but currently cryptocurrency mining carries information security risks.

Do you want to start a mining farm at home?

If you want to start mining cryptocurrencies from home it is a very good long term investment idea and even short term guys, you are doing the best for your personal finances as long as you take into account the profitability of the asset and the maintenance costs and bills such as electricity and internet expenses.

My recommendations to start a home farm is very simple, we have to know which is the most profitable cryptocurrency to mine and make the accounts of the expenses we will make for the maintenance of that asset, I would like to mention that if we can invest in something else our cryptocurrencies, this can be the best thing we do in the long term guys, why do I say that? I have millions of posts in which I explain the magic of compound interest. If we make very good investments with low risk from our mining rewards then this can be very great for our personal finances. It would simply be the best because with a return per month as low as 5% in 8 years we can retire with good passive income, we can also make a startup of a good business in the outskirts of the city.

What are the consequences of mining cryptocurrencies for the environment?

To mine cryptocurrencies, whether Bitcoin (BTC) or any other cryptocurrency, you need advanced machines in graphic calculation better known as (GPU), today we also have machines such as ASICs. All machines to mine cryptocurrencies consume electricity, the more powerful the machine's graphic calculation is the more electricity this machine consumes, that is to say that the more cryptocurrencies are mined by a machine, then the machine will consume much more electricity and absolutely everyone knows that electricity is produced by natural materials, electricity is produced by the environment.

But what really is the problem?

The problem can be very serious and from my point of view I think that this may be the cause of inflation and rising electricity bills, because simply more resources are needed to exploit the materials needed to finance the electricity costs, inflation can be produced by speculation in cryptocurrencies and the impact it has on the economy of a country.

I can say with all certainty thanks to the time I have researching cryptocurrencies that all the machines connected in a mining pool or all the machines in the world can consume the same electricity consumed by a discotheque in 3 years in a row in a single day or consume this energy in a maximum of one week, it seems unbelievable but it is totally true, these machines consume too much electricity.

Consequences of mining on information security.

Currently there are many software that repel us our identity on the internet, these software are not necessarily always malicious, we even have some software to mine cryptocurrencies in a totally legitimate way, but hackers are usually very cunning in terms of information security. That's why I decided to make this post for everyone.

How to protect ourselves in our home mining?

I recommend always using passwords that are difficult to decipher, also keep in mind that we should not trust anyone and much less open the links they send us, keep our network secure, we can also make a long password for our router.

We must read a little about security before mining, if you have an acquaintance or you are willing to pay for some advice you can tell me without problems and I will gladly give you advice.

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