This procedure requires multiple powerful computers working nearly 24x7 to execute complex mathematical calculations to mine crypto coins.Īs you can understand, these computers consume a considerable amount of power. A highly competitive process, crypto mining traditionally uses a proof-of-work method to verify and add new transactions to the blockchain.
Now, you may already know a crypto coin is created by ‘mining’. Looking Ahead: | Check Out More Articles Here If we put it simply, cryptocurrencies exist only on a blockchain and it helps track all transactions related to a coin in a decentralised manner (not controlled by a single entity). What is a green blockchain?Ī blockchain is a digital ledger that keeps a log of all transactions done on a network. As India is looking to tap into the digital coin space with its very own central bank digital currency (CBDC), and since crypto trading is seeing a rise in the country, it’s only apt that the Centre considers facilitating green blockchain endeavours to assist a sustainable growth in the crypto industry. This comes at a time when cryptocurrencies are facing flak across the globe over their power-intensive mining procedure, having already seen a strict mining ban in countries like China and Kosovo due to rising electricity costs. The recent Merge - where the Ethereum network officially switched over to a less-energy-consuming proof-of-stake (PoS) model from a proof-of-work (PoW) mechanism - has brought ‘green’ blockchain or sustainable blockchains under the spotlight.
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