Bitcoin mining consumes more energy on a yearly basis than used by Finland. But does that matter?

In a previous article, we introduced the concept of Bitcoin mining and how it powers the decentralized network behind the world’s leading cryptocurrency.

At its core, mining is the process of using computational power to solve complex mathematical puzzles. This process—known as proof-of-work—requires electricity, as machines (called ASICs) continuously generate cryptographic hashes. The miner who successfully solves the puzzle first earns the right to add a new block of transactions to the Bitcoin blockchain and receives a reward in Bitcoin. And this consumes energy. Mainly because the winner and the loser spend this energy. And only the winner gets paid.