Can Energy Consumption Figures of Bitcoin Mining Be Overlooked?

Ever since cryptocurrencies began getting traction, there has been a lot of discussions about the activity of bitcoin mining. While there is no doubt that Bitcoin mining is indeed vital but the question is, is it so important that the energy consumption figures can be overlooked? Is it sustainable? Let’s dive into the details.

What is Bitcoin Mining?

Bitcoin is the number one digital currency. The striking difference between conventional money and cryptos, such as Bitcoin, is that the latter is not regulated by any central authority like the former, even for a bitcoin lottery. Bitcoin, in fact, finds backing from millions of computers spread around the world, referred to as nodes. These nodes store previous transaction information as well as assist in verifying their authenticity.

The activity of Bitcoin mining is similar to how traditional transactions are documented by POS systems or banks. It is done by Bitcoin miners who clump together transactions in “blocks” and add them…