Can Bitcoin Mining Be Used To Solve Important Problems?

Bitcoin Mining solves a math problem by searching for a solution by testing many possible solution to a problem.  It does this operation billions of times per send until the correct answer is found.  Some have suggested that this computer power be used to solve some sort of problem.

Bitcoin could not work if an unknown problem is used.  Bitcoin works because it is possible to predict how long it will take to solve the problem.  The distribution of coins is set based on the average time to solve the problems (once every 10 minutes).  As the computer power (actually hashing” power”) is increased the problem become more difficult so the average time is adjusted.  By solving a problem where the solution is unknown won’t work because average time to solve cannot be predicted.

The other issue is that Bitcoin miners are becoming specialized computers meant to solve one specific problem.  They have recently been compared to supercomputers but modern Bitcoin miners cannot do the functions supercomputers can do.  In fact Bitcoin miners cannot do anything else, they cannot run any applications or even run “Notepad.”

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