Crypto has always been a prominent part of the news for a great deal of time. Ever since the introduction of bitcoin, people have been ranting and raving about crypto and the amount of convenience it has to offer. However, that is not all as you will come across people who are not in favor of the currency. Needless to say, there is a great deal of news and buzz surrounding the variety of cryptocurrencies that are out there.
While there are millions and millions of people who use crypto, a large number of people do not know how it precisely works. This may come off as a massive surprise but that is exactly how the world of crypto has been working. Sure, people do know about the technicalities surrounding it but there is other information they should be aware of as well.
One of the most common questions asked by a large number of crypto enthusiasts is related to mining. Believe it or not, a high percentage of individuals do not know what mining actually is and how it works. However, there has been an increase in interest as far as mining is concerned and there are plenty of reasons behind it. One of the biggest reasons why people are more curious about mining than ever before is the recent comments made by Elon Musk.
Elon, who is the CEO of the world renowned company Tesla, claimed that his company would not accept payments in the form of bitcoin. This came as a massive shock for people as a large number of people had been using bitcoin for making their payments. The tweet he posted on the 13th of May indicated that there has been a massive increase in the amount of fossil fuels, especially coal, used for the purposes of mining.
Once this tweet was made, bitcoin had to suffer a significant drop. As you would expect, this made people panic a fair bit because the future of bitcoin and other forms of crypto for that matter seemed a little uncertain. As time passed, however, things got better and crypto like dogecoin, ethereum and bitcoin reached excellent highs recently. However, this also raised serious concerns regarding the energy required for the mining of bitcoins.
Whenever trading occurs in bitcoins, computers present all over the world compete against each other for a specific computation. This computation results in a hexadecimal number of 64 digits for a bitcoin. As it is abundantly clear, this requires a great deal of energy, which may not be ideal for the environment. However, experts are working round the clock and a solution could be on the cards soon.