Bitcoin and Earth. Table of Contents
Relation of Cryptocurrency and Environment
As cryptocurrencies gain greater roots in public awareness, the discourse that seeks to reduce the impact of mining on the environment also gains strength.
Although it is evident that it is precisely the detractors of digital currencies who point to these assets as the culprits of the environmental impact, there are also many within the blockchain industry (technology created under the premise of finding progressive solutions to problems of the contemporary economics) those who are convinced of the need to take responsibility with regard to the impact on the environment.
Issues such as the environment, the sustainability of current practices or clean energy are hot topics in the tech industry.
In addition, the emergence of the COVID-19 pandemic and the manifest environmental benefits obtained during the months of confinement urged intellectual leaders to seek alternatives to current models, and especially in the event of a new global crisis unleashing root of climate change.
Why are Bitcoin Mining and Energy Consumption related?
How Bitcoin Mining is related environment?
Bitcoin and other currencies are continually in the spotlight, since to mine the new tokens it is necessary to use an algorithm based on the proof of work protocol, which requires a great processing capacity on the part of the miners, and to satisfy the requirements Needs of these powerful computers is necessary to use huge amounts of electricity.
Thus, and according to the Bitcoin energy consumption index, the pioneer among cryptocurrencies involves the use of 135 terawatts, which is roughly equivalent to the annual consumption of a nation like Sweden. Nor should we forget the existence of numerous “farms” or facilities for large-scale crypto-asset mining in regions such as China, which are highly dependent on fossil fuels to generate electricity.
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Cryptos to become sustainable and environmentally friendly
The most critical positions echo the high energy consumption necessary to mine BTC, as evidenced by the fact that citizens of the New York area recently expressed their concern at the presence of a new gas plant used to mine Bitcoin and its negative effect on a nearby lake, which they claimed was turning into a jacuzzi; However, the company responsible for the operations in said factory denied these accusations. Even Elon Musk, the great defender of cryptocurrencies, has declared that Tesla will stop accepting Bitcoin as a form of payment when acquiring one of its vehicles citing “environmental concerns”.
Musk’s statements created a stir in the crypto market, as the South African-born billionaire is the very personification of the conflict of interest behind the cryptocurrency energy issue: betting on the potential of blockchain technology and time to be committed to the environmental cause. If crypto assets want to play an active role in a new world led by electric vehicles and clean technology, they need to do so in a sustainable and environmentally friendly way. The latter is very important for the adoption of blockchain technology. Cryptocurrency exchange platforms, which bring the world of digital currencies to so many people through their smartphones, enjoy great levels of popularity, as evidenced by the marked increase in new users during the pandemic when many began looking for new ways to earn money from the comfort of their homes. The profile of these users is that of a young person, adept at new technologies and committed to climate change, so how will cryptocurrency firms get them to the garden?
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April 24, 2024
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