What IFG will do to help bring about a truly Islamic economy
05 January 2024 8 min read
2 min read
Published:
Updated:
Ibrahim Khan
Co-founder
Bitcoin mining involves two key things:
(1) is straightforwardly permissible.
(2) is also permissible in our view as the activity of racing with other miners with your computational power to “solve” this puzzle is intrinsically not haram. Yes there is an element of luck here, but it is mitigated by three important considerations:
Of the three factors, (1) is the most important in our view.
As an aside, if we were to advise on the sharia compliance of the bitcoin structure before it was created, we would encourage the mining element of the cryptocurrency to be linked to some intrinsically useful activity that does not require so much computational power in a way that is beneficial to the world and is climate-friendly too in that it doesn’t eat up unnecessary resources.
This article is part of our Halal Cryptocurrency Guide.
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