Twitter User Bashes Bitcoin Mining
The recent performance of the leading and most valuable cryptocurrency, Bitcoin, despite its ups and downs, has been somewhat impressive to all in the cryptocurrency space. The overall activities that go on in each cryptocurrency space determine the space’s average energy level requirements.
The high rate of activities in the networks of leading cryptocurrencies like Bitcoin and Ethereum means that the overall energy usage for mining activities is on the high side. However, in surprising circumstances, an American software programmer, Stephen Diehl, is unimpressed with the mining procedure of Bitcoin and has come out to criticize it.
Stephen slams Bitcoin Mining on Twitter
In a long thread written by the programmer to his followers on social media, Twitter has condemned the cryptocurrency mining procedure as being unclean. In Stephen’s thread, the IT Guru compared Bitcoin mining to an event that is just a waste of time considering its cost. He believes that some mafias are using the activity which is not generating any value in the Silicon Valley to launder money and smuggle drugs.
This is the first time that someone will be condemning the mining of the leading cryptocurrency and taking a keen look at the mining activities described by Stephen as a pure waste of time and resources for the average miner. Stephen went ahead to describe the Bitcoin network as a scheme that runs on others’ ignorance to actualize gains.
He believes that the cryptocurrency continues to boost its prices based on the inflow of traders and investors in the system, without a proper plan of growth. The thread of Stephen has gathered a lot of attention on social media, with many proponents and supporters sharing their views. Popular Bitcoin analysts have slammed Stephen and labeled his opinions about Bitcoin as baseless and ignorant.
Stephen has been offered help by his follower
A famous Bitcoin analyst, Mike Samuel, had tried to prove Stephen wrong by explaining the benefits of Bitcoin trading and mining to the programmer. Mike admitted to following the programmer for a while and enjoyed his insights on several tech-related issues, but he is disappointed in his take on Bitcoin.
Mike explained that Bitcoin had been a source of rewards to many investors for the past two years, particularly in 2020, despite the economic turmoil and the adverse effect of COVID-19. The follower also offered to explain to Stephen if he was willing to learn more about Bitcoin trading and mining instead of bad-mouthing the whole process.
The unclean nature of Bitcoin mining has been slammed by many cryptocurrency firms, with Jack Dorsey’s Square coming out to express themselves as being against the wasteful nature of cryptocurrency mining. In 2020, the payment company announced that they would be investing heavily in the cryptocurrency and its mining process.