Bitcoin (BTC), the original cryptocurrency that started it all and even today continues to drive the market sentiments, has faced numerous challenges along the way. The latest challenge seems to be around its mining consensus, proof-of-work (PoW) and its consequent impact on the environment.
Bitcoin network’s high energy consumption was one of the hottest topics last year, with the likes of Elon Musk fueling the sentiment that BTC in its current form is bad for the environment. Luckily enough, the mining companies for some time have been exploring the use of renewable energy, and the latest reports suggest that 58% of the BTC network’s energy comes from renewable sources.
In 2022, the debate seems to have shifted from clean energy usage to a complete change in mining
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