The Environmental Impact of Cryptocurrencies: Debunking Common Myths
Most recently, the second largest cryptocurrency by capitalization, Ethereum, switched to a new PoS consensus algorithm, or staking. The cryptocurrency community is divided into two camps: supporters and opponents of mining. The latter claim that mining and high electricity consumption harm the environment. But is it really so? Why do you need mining The entire history of cryptocurrencies began with bitcoin, a decentralized electronic cash powered by blockchain technology. There are no central banks or other printing presses for money in the Bitcoin system. People exchange funds with each other directly, and all information about these exchanges is recorded in the blockchain. So, it is the miners who, as a result of their work, make these records and confirm the validity of transactions, thanks to which users can buy and sell in the store crypto . Strictly speaking, the system would not work without miners. Therefore, they are very important. At least in the Bitcoin system. The miner