Bitcoin mining is about 12 years old (2020), and as the activity trudges on in its role of maintaining the cryptocurrency’s network, a lot is changing. Despite the overt sheer dynamism, not much change is happening now in a way that might influence the sustainability of the industry in the long-term. However, this is bound to change.
The big debate about the sustainability of the Bitcoin and cryptocurrency mining industry is raging. While a cross-section of industry experts thinks that the time for a complete overhaul is nigh, still, the alternative school of thought holds that the status quo should not be compromised.
Of course, such a debate that leans on technological advancements can be heated, depending on who is championing for whatever innovation. However, breakthroughs are only possible when every side of the coin is judged on the merits it brings to the table.
The History of Cryptocurrency Mining
The first cryptocurrency, Bitcoin, was mined successfully in 2009. The process, which includes verifying transactions in the network and adding fresh blocks with transaction details into the blockchain, also serves to release new coins into the network.
Over the more than a decade that the process has existed, a lot has happened,