It is logical that the emergence and, by extension, the consolidation of cryptocurrencies nowadays, has caused storms of debate regarding their role and importance in modern society.
Opponents of cryptocurrencies claim that significant resources are needlessly committed to making something that is just some digital numbers. They essentially claim that it is a clear waste as they see no value in Bitcoin and see it as a money laundering service.
Additionally, they believe that the significant and continuous rise in its price will inevitably lead to further environmental pollution through the greater energy consumption that will be required.
On the other hand, there are Bitcoin advocates who argue that the big waste is the way financial institutions operate and that the banking system consumes far more resources.
Additionally, they believe that cryptocurrencies have unleashed the potential of technology and computing to perform the traditional functions of money with speed, security and reliability.
There is no doubt that Bitcoin consumes resources to produce value for society. As with any other energy-consuming industry, it is up to the cryptocurrency community to recognize and address these environmental concerns.
In this way, it can work methodically to reduce Bitcoin’s carbon footprint and ultimately prove that the social value Bitcoin provides is worth the resources required to maintain it.
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