One of the more controversial aspects of cryptocurrencies is the issue of mining. From accusations of energy waste, to countries outright banning the practice altogether, there is always news regarding the issue. Finding your way through such information and coming to a solid conclusion can be difficult with bias on both sides of the argument. Is cryptocurrency mining wasting precious resources? Has China once more banned Bitcoin mining? Let us take a look at some of the FUD and facts surrounding cryptocurrency mining.
Bitcoin mining consumes too much electricity!
This is the most common argument against Bitcoin. During the meteoric price rise, news outlets consistently pushed the narrative that Bitcoin mining was consuming enough electricity to power a small country. With issues of global warming at the forefront of discourse throughout the western world, was it right for society to spend this much energy on a cryptocurrency?