Environmental Analysis on If Bitcoin Mining Is Detrimental

Bitcoin has remained a top-tier cryptocurrency in the years since its invention, despite more and more coins launching in the markets. It takes the credit for introducing blockchain technology to the global space, providing more futuristic solutions to real-world problems. Now, its spread into finance, art, healthcare, supply chain management, gaming, and more is but the tip of the iceberg. To maintain the credibility of its network, Bitcoin uses the proof of work consensus algorithm. In this case, there is a lot of computing energy involved to solve complex equations by miners in transaction verification. It contributes to the safety of the blockchain while producing more coins necessary in the crypto market circulation. Furthermore, miners get their rewards from this process. However, it is not the first time you will hear about bitcoin mining sentiments and the concern inherent in how it affects the environment. Therefore, is bitcoin mining truly detrimental to environmental conditions or not? Bitcoin Mining Popularity In the past, bitcoin mining was most favorable to parties who could afford expensive mining equipment. That included powerful machines and ASIC bitcoin mining chips produced by leading tech companies globally. However, times are changing, and manufacturers have cheaper options for everyone interested. Despite the poor performance of the coin currently, there is still a rising interest in bitcoin mining. Furth...