The quantity of energy Bitcoin mining consumes, and the related detrimental impact on the environment, is of great concern. Specifically, electricity continues to make up the largest cost associated with Bitcoin mining. Thanks to advances in quantum computing research, reductions in energy consumption and costs might be just around the corner.
Also Read: NIST Starts Developing Quantum-Resistant Cryptography Standards
Bitcoin Mining and Energy Consumption
In addition to Bitcoin’s block size debate, the high cost of mining — as well as its impact on the environment — constitutes a critical issue.
Mining provides an essential service to Bitcoin. Without miners, the Bitcoin network would collapse. To mine, miners must connect to the Bitcoin network, and sync miners or nodes. The job of the miners is to authenticate every transaction, build and keep all the historical blocks, and agree on which blocks to add