Despite issues of greenhouse gases produced in Bitcoin mining, the United Nations believes that cryptocurrencies and blockchain technology could play an important role in sustainable development. In recent months, many people around the world have raised concerns about Bitcoin mining, an energy-intensive process that involves using powerful computers round the clock to solve complex mathematical problems. Citing environmental concerns, Tesla CEO Elon Musk announced that his company would no longer accept Bitcoin. Tim Berners-Lee, who wrote the source code of the World Wide Web, described Bitcoin mining as “one of the most fundamentally pointless ways of using energy.”Why does the Bitcoin network require a staggering amount of energy? As per an estimate by the University of Cambridge, Bitcoin mining consumes more than 178 (TWh) annually.

Source: Hindustan Times July 18, 2021 10:52 UTC