Chapter 17
Ten Criticisms of Cryptocurrencies and Mining
IN THIS CHAPTER
Re-evaluating Proof of Work energy consumption
Finding ways to reduce computational waste
Putting transaction-throughput metrics in context
Avoiding scams and rip-offs
Averting fires and neighbor complaints
Many criticisms and complaints have been leveled at cryptocurrencies and, in particular, the Proof of Work mining that often underpins them. Many of these criticisms are valid, but these topics have a ton of nuances that deserve thorough explanation, discussion, and debate. In this chapter, we explain some of the most common criticisms as well as some of the counter arguments associated with them.
Energy Consumption
There has been much ado about Bitcoin’s and other cryptocurrencies’ network energy consumption that occurs as a result of Proof of Work mining. As you learn in this book, it takes truly massive amounts of electrical energy to mine the Bitcoin blockchain.
It is true that Proof of Work mining ...
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