bitcoin crash

bitcoin mining , the process of creating new unit of the cryptocurrency is notoriously huge -suck . one estimate puts its carbon footprint on par with the electricity consumption of more than 159 countries combined.
but the inefficiency of minting new units of the blockchain -based digital currency is only one complaint that skeptics of its utility have flagged. in a new report the Switzerland -based bank of international sttlement a self- described bank for central bank calls the technology a poor substitute for the solid institutional backing of money due ti regulatory concerns its fluctuating value and other reasons
among the critiques that the BIS explores is the sheer computing power it takes not only to mine cryptocurrencies but also to process trassactions with them because records of all cryptocurrency transactions are stored on a decentralized ledger rather than by central nank that ledger could become unsustainably large very quickly the BIS hypothesizes