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Bitcoin and Crypto Mining

In: The Book of Crypto

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  • Henri Arslanian

Abstract

One of the most passionately debated topics within crypto circles centres around the Bitcoin network’s relationship with energy. In 2021, for instance, Bitcoin and the broader crypto ecosystem received negative attention from media outlets around the world over the alarming amounts of electricity required to mine new Bitcoins and transact on the network. In this chapter, we explore the practice of Bitcoin and crypto mining and how this activity has evolved over the years before taking a look at each side of crypto’s energy debate. For instance, while Bitcoin’s proof-of-work consensus algorithm indeed required incredible amounts of electricity to function, several factors, from coal-hungry China’s ban on crypto mining and the rise of next-generation proof-of-stake networks like Ethereum 2.0 and Solana, indicate that we could be seeing a shift towards cleaner crypto mining practices moving forward.

Suggested Citation

  • Henri Arslanian, 2022. "Bitcoin and Crypto Mining," Springer Books, in: The Book of Crypto, chapter 0, pages 259-276, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-97951-5_14
    DOI: 10.1007/978-3-030-97951-5_14
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