Is Cryptocurrency Harmful To The Environment – Cryptocurrencies have come a long way to gain recognition in terms of legitimate currency. All these years a topic is highly discussed which is the effect of cryptocurrency on the environment. It was not easier for cryptocurrency to survive in the real world and gain the trust of businesses. Everyone wants to get knowledge to invest in these digital currencies. If you are also willing to invest in Bitcoin for https://bitcoin-pro.live/ then simply visit their official site for more info. This raises a demand for the cryptocurrency in the market.
Many cryptocurrencies like Bitcoin and Ethereum rose in popularity instead of all this going around. But time and again, environmentalists always questioned climate change and carbon emissions.
Why Is It A Concern For The Environmentalists:
As we all know, every day our climate is changing in a harmful way. Someday, it is because of pollution and some other day our waste management creates this chaos. There are many reasons but not a single solution.
We all are so busy with our lives that we cannot see the effect of our day-to-day activity on the environment. Now coming to cryptocurrency, as said earlier there are already many reasons for harmful environmental effects. We cannot just promote one more. Cryptocurrency is game-changing when it comes to trades and businesses but also a serious concern for the environment. Let’s take a look, how cryptocurrency affects our environment.
How Mining Of Cryptocurrency Affects The Environment :
If I may say, mining of Bitcoin consumes more electricity than Argentina and Etheruem uses more energy than Qatar, a whole nation. I know, it came as a shocking detail for you. Cryptocurrency is a kind of blockchain technology. So, all the databases are stored specially and can be used by solving cryptographic puzzles. It all uses high astronomical energies and costs too much.
With the increase in popularity, the price of cryptocurrency is going high. This increases the demand for the same, so increasing the energy consumption. These trends show that with time the digital currency will be the main reason for environmental degradation.
How Fossil Fuel And Cryptocurrency Are Related:
Globally, a major portion of electricity is produced by coal and other fossil fuels. So, with the increase in efficiency of Cryptocurrency consumption of electricity will also be increased. This will lead to higher carbon emissions leaving hazardous impacts on the environment.
In a research, it was found that the major amount of Bitcoin is mined in China which measures the source of electricity is coal. Now, you can understand how cryptocurrency is going to be a serious issue for our environment.
These burning of coals and other fossil fuels will only increase the amount of pollution which contributes to ozone depletion.
Other Significant Effects Of Cryptocurrency On The Environment:
As mentioned earlier mining cryptocurrency requires energy consumption but at the same time also produces non degradable waste. The specialized hardware used in cryptocurrency mining cannot be used anywhere else. So, all this obsolete electronic waste creates uneasiness in our environment.
Some reports say that Bitcoin mining itself produces eight to twelve thousand tons of electronic waste. Now, we can evaluate the amount of electronic waste produced by all these digital currencies.
This is not true, some cryptocurrencies don’t involve mining like EOS and Cardano. It shows a mere possibility to find some ways to extract other cryptocurrencies. The ways which will not affect our environment in the long run.
We cannot deny the fact that cryptocurrency has many advantages over our traditional currencies. It is a globally accepted currency with higher profit rates. We can easily trade with digital currency. But at the same time, the effect of cryptocurrency on the environment cannot be neglected.
We already have so much to deal with, pollution, ozone depletion, melting of glaciers, and many more. At this critical point in time, we should not take the risk of disturbing our environment. If possible, our researchers should try to find other ways to extract cryptocurrencies to minimize environmental degradation.