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The energy consumption and environmental impact of (BTC) mining has been frowned upon and under scrutiny by various international financial institutions. The International Monetary Fund (IMF) mentionned how Bitcoin mining consumes “large amounts of computing power and electricity”.
Bitcoin mining is an energy-consuming process because it is a proof-of-work (PoW) blockchain network that involves providing cryptographic proof to the network that a quantized amount of a specific computational effort was used. The information used to verify this is stored in a block to be accepted into the network by other participants.
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