The environmental impact of Bitcoin mining has sparked extensive discussions, primarily centered around its energy consumption during the mining process.
Bitcoin’s mining relies on a proof-of-work (PoW) consensus mechanism, where miners compete to solve a mathematical problem through computational efforts, leading to the addition of transactions to the blockchain.
This process involves repetitive hashing until a specific output is achieved. However, the PoW approach demands significant energy usage due to its computational nature, and this remains a significant contributor to the crypto asset’s overall energy consumption.
As stakeholders, including consumers, regulators, and investors, increasingly prioritize the pursuit of Net Zero emissions, the energy aspect of Bitcoin mining has come under the spotlight as a critical area of concern.
Understanding the energy consumption of Bitcoin mining is crucial. Like electric vehicles…
