The Mining Controversy

The Mining Controversy

By Anamika Patel, 04 June 2022
The Bitcoin Mining Controversy

Cryptocurrency mining has been a hot topic in the crypto space, often credited with forcing government to look at regulating the crypto-industry sooner than they would have, had “crypto mining” not existed. 

The problem lies in the energy intensiveness of crypto-mining, which is the process used to validate the blockchain ledger in the proof-of-work (PoW) consensus, used by the Bitcoin blockchain, which in turn rewards the miners with Bitcoin. And with Bitcoin being the most expensive cryptocurrency (1 BTC = US $46,000 on 1 January 2022) on the market, combined with making up roughly 40% of all cryptocurrency market capitalization, Bitcoin mining is a lucrative and major business activity around the world today. If you don’t want to pay $46,000 USD for a Bitcoin, then the only way to “earn”

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