Is bitcoin still struggling with sustainability? – Maddyness UK

Some lawmakers have called for a ban on proof-of-work crypto mining, while industry representatives have disputed the reliability of figures used to determine mining’s energy use.

Despite fewer headlines regarding the status of bitcoin, mining remains a prevalent activity and one that ExxonMobil hopes can assist with its environmental targets.

The pilot began in January 2021, but could be expanded to Germany, Argentina, Guyana and Nigeria.

Stronghold Digital Mining, for example, has bought the Scrubgrass coal plant in Pennsylvania and is currently burning 600,000 tons per year.

Alternatively, a climate campaign proposes changing bitcoin’s proof-of-work algorithm which requires energy to solve cryptographic puzzles in favour of the less energy-intensive method – proof-of-stake.

Not only does the identity of bitcoin’s creator remain a mystery, but efforts to perform software changes a few years ago failed, despite backing from major start-ups, because of user backlash.

Relying on such resources, however, could mean renewable power isn’t available for homes or electric vehicles.

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