How can crypto mining impact world environment?

One of the major problems with cryptocurrencies is the environmental impact that digital transactions have on the planet. The method of bitcoin mining is energy-intensive involving heavy usage of fuels like coal. China contributes to fossil emissions of roughly 40% due to the usage of coal compared to its total usage of energy for bitcoin mining. Many people are concerned about the environmental impact of cryptocurrencies. Bill Gates also commented that he was concerned about how much energy bitcoin mining is consuming. It is true bitcoin miners are consuming a lot of energy. The USA is globally at around 9 to 10 gigawatts of global electricity consumption. Investors are searching for new ways to put their money in digital currency without compromising the future environmental quality in an eco-friendly manner.The crypto market tumbled as soon Elon Musk tweeted that Tesla has halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining across the world.” He additionally mentioned watching for different cryptocurrencies that use substantially lesser than even 1% energy for mining Bitcoin Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) square measure the plain candidates.Which are the few sustainable crypto coins?A study by TRG Data center revealed that some sustainable cryptocurrencies like XRP, Dogecoin, and Cardano use less than 1% energy in terms of Kilowatt-hour consumed per transaction. XRP is the least damaging crypto coin that uses 0.0079 of a Kilowatt hour per transaction. Algorand, another crypto claims to have a carbon-negative blockchain, meaning that it absorbs more carbon dioxide than it produces.What the future of climate change beholds?Elon Musk mentioned talking with North American Bitcoin miners. He stated that he is committed to publishing current and planned renewable usage and to ask miners worldwide to promote energy usage transparency and accelerate sustainability initiatives worldwide. Bitcoin which had tumbled below $40,000 for the first time since March 13, 2021, regained confidence and bounced by 15% after the news. Other digital currencies followed the rebound as well.It would be interesting to see the future of blockchain when ace entrepreneurs are willing to fund projects worth millions with digital currencies. What remains to be answered is whether the deterioration in the climate standard will cost such investment heavily in the future. Take, for instance, Space X’s plan to launch the “DOGE-1 Mission to the Moon” in early 2022 with the company ready to accept the cryptocurrency as a fund.  

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...

Enhancing Transparency and Trust with Smart Contracts

In today's digital age, where trust and transparency are crucial elements for successful business transactions, smart contracts have emerged as a groundbreaking solution. With...

Tune.FM’s New Music NFT Marketplace Will Disrupt the Music Industry

MIAMI, FL, May 04, 2023 - Tune.FM, the groundbreaking web3 decentralized music streaming platform and music NFT marketplace, announces the launch of its music...

Liquidity Pools: Boosting DeFi Growth and Adoption

Decentralized finance (DeFi) has taken the financial world by storm in recent years, and one of its key features is liquidity pools. Liquidity pools...