As a researcher with a background in both physics and finance, I find the concept of mining Bitcoin in space to be an intriguing blend of two worlds that have long captivated my curiosity. Peter Todd’s arguments resonate with me, as they reflect a deep understanding of the underlying principles that govern these seemingly disparate domains.
Canadian computer expert Peter Todd, who works on the development team for Bitcoin, recently wrote a blog post discussing the potential for constructing Bitcoin mining operations in the vacuum of outer space.
As per Todd’s perspective, mining cryptocurrency in space using existing technology isn’t just a theoretical possibility, but could also turn out to be financially viable if we manage to lower the expense associated with launching cargo into space.
Bitcoin in space
For quite some time now, there have been extensive discussions among crypto enthusiasts about the concept of extracting cryptocurrencies in outer space. Advocates frequently highlight that space-based mining activities could harness endless solar power without leaving a carbon imprint on our planet.
Critics, nonetheless, caution about the potential centralization that could arise from the expensive nature of setting up, constructing, and maintaining off-world mining operations, as this could lead to a concentration of power in fewer hands.
From a technological perspective, it appears that both parties acknowledge challenges that must be addressed for space operations to be possible, regardless of the financial viability of initiating such a venture.
In his blog post, Todd expressed that whenever this topic comes up, there are common arguments such as “Space isn’t cold,” “Maintaining a low temperature in space is nearly impossible,” and “Latency is excessively high.
According to Todd, these individuals might be mistaken due to their excessive reliance on overly simplistic popular science. He suggests that they lack hands-on experience with the actual physics involved.
His post argues against concerns that cooling miners in space might be problematic, suggesting instead that the properties of space facilitate radiative cooling – a method of heat dissipation using thermal radiation. He also points out that latency could be minimized to practically nothing by employing sun-synchronous orbits and strategic positioning close to certain locations.
Additionally, Todd supports his assertions by presenting computations and straightforward clarifications that challenge the common notion that establishing a mining station in space is beyond our technological capabilities.
As a potential crypto investor with an interest in the future, I believe there’s no inherent barrier to the possibility of space mining. Yet, it’s important to note that just because it’s technologically feasible doesn’t mean we’ll see these facilities constructed any moment now.
Todd suggested, “We should find ways to lower launch expenses. If we manage to strike a balance where the cost of launch equals or is less than the anticipated profit, then the financial aspect could potentially be justified.
Reducing launch costs
Meanwhile, it’s possible that the expenses associated with launches could soon reach their lowest point, as Elon Musk, a prominent entrepreneur and the head of SpaceX, envisions the settlement of Mars by humans.
spacecraft manufactured by SpaceX, the Starship, has surpassed the previous record for the biggest rocket ever launched. The 33 Raptor engines it carries generate an impressive collective force of around 17 million pounds, which is almost twice as much as NASA’s Space Launch System (SLS) rocket. The SLS produces about 8.8 million pounds of thrust.
SpaceX, as stated by Musk, aims to boost Starship’s carrying capacity and lower its launch costs. If this objective is achieved, Musk intends to transport humans to Mars using multiple Starships.
There’s a possibility that the same technology, or perhaps the very same spacecraft, might be employed in an economical way to set up mining operations for cryptocurrencies beyond Earth, in outer space.
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2024-12-03 21:43