Is Bitcoin mining a waste of energy?

Modified on Fri, 17 Feb 2023 at 08:37 AM

Spending time and resources to secure a payment operation is hardly a waste of time. Any payment systems require a lot of money, energy, and services to secure their banks, credit cards, and armored vehicles. Unlike Bitcoin, those operations are not transparent therefore it is hard to regulate the costs. 

Bitcoin mining completes its tasks using far less energy than any payment system, at the same time, more secured through their decentralized softwares. The proportion of demand and supply in this mining industry also ensures that there is no “waste of energy.” To answer the question directly, Bitcoin mining is not a waste of energy simply because the decentralized currencies rely on it to verify and secure each and every transaction. If mining ever becomes a waste, miners will stop their activities. All bitcoins miners strive towards making profits and the task is to do so without burning up too much energy.

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