across the network ). In this way , it has the power to democratise financial services . And yet , concerns about the way crypto is mined – specifically for whom crypto mining is a viable and accessible endeavour – risk undermining that core mission of democratisation entirely .
“ Many mining operations are carried out by individuals using sophisticated computing software that is geared towards completing mining tasks as quickly as possible ,” explains Daniel Seely , a crypto expert and financial regulatory lawyer at law firm Freeths .
“ As cryptocurrency grows and blockchains become more sophisticated , the computing power required to be able to successfully mine will become more advanced and , ultimately , expensive . This is the case not just for acquiring the relevant technology , but also the significant energy bills which such computing operations generate . This means that , in time , we may see mining operations carried out by large corporate entities and those with the ' deepest pockets '.
“ This does , however , give cause for concern . The ethos behind cryptocurrencies
100 June 2023