The energy consumption and environmental impact of (BTC) mining has been frowned upon by several international financial institutions and put under the scanner. The International Monetary Fund (IMF) mentions how Bitcoin mining consumes “enormous amounts of computing power and electricity”.
Bitcoin mining is an energy-consuming process as it is a proof-of-work (PoW) blockchain network where cryptographic evidence is provided to the network that a quantified amount of a specific computational effort has been used. The information used to verify this is stored in a block to be accepted by other participants in the network.
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This post Not stranded anymore? Bitcoin Miners Can Help Solve Big Oil’s Gas Problem was original published at “https://www.investing.com/news/cryptocurrency-news/stranded-no-more-bitcoin-miners-could-help-solve-big-oils-gas-problem-2787919”