Cryptocurrencies and their impact on global warming.
Author: @carlir, Public domain image, modified using Adobe Photoshop CC6 tool.
Nowadays, cryptocurrencies have gained a wide ground in reference to traditional physical currencies, this is due to the great economic growth that they are generating in the world, for example, the cryptocurrency that has grown the most is the BitCoin, which multiplied by ten its value in the medium term, which has increased the interest in this cryptocurrency.
Although it may seem untrue, BitCoin is a great consumer of energy as the rest of the cryptocurrencies that work under the blockchain technology, since this technology requires the connection at the same time of hundreds of computers worldwide that make the blockchain can operate through its Nodes, this massive energy consumption directly affects global warming.
Currently the environmental challenge has become a major concern in the blockchain world in general, according to Joseph Pallant founder of the Blockchain of Climate states that "It is a big deal to calculate the carbon footprint of these digital instruments", remembering that it is a fairly polluting technology.
A comparison that can be made to know how big is the impact that cryptocurrencies are generating to the environment is when measuring the carbon footprint of these, especially that of BitCoin which is very similar to that generated by the economy of Ireland, which produces about 39 megatons of CO2 released into the atmosphere each year. Similarly, a research conducted by the University of Hawaii revealed that if the use of cryptocurrencies continues its accelerated growth, the Earth's temperature could increase by 2 degrees in less than two years.
In conclusion, if cryptocurrencies are here to stay and revolutionize the financial world, it is necessary that they can migrate to clean energies in order to reduce their impact on the environment and create an Eco-Financial balance that allows a better development of the economies of the countries.
- www.elconfidencial.com/sociedad/2019-10-28/bitcoin-calentamiento-global-cambio climatico-bra_2300139/
Greetings dear Professor @carlir
Indeed Bitcoin and the entire blockchain ecosystem is a great consumer of energy, however, in this particular case I think we will have to consider strategies that aim to use more environmentally friendly energy. Excellent approach.
Best regards, be well.
Greetings my brother @lupafilotaxia, as you indicate we must seek alternatives that help our environment and to continue in a harmonious balance.
Thank you for your comment.
Hi friend @carlir.
Did you know that the largest mining farms in the world are located in China?
The energy consumption product of BTC mining machines is extremely high and if we think that the main source of electricity in China comes from thermochemical plants, then we can induce that the levels of environmental pollution are dramatic.
Currently, BTC mining farms are being installed that obtain their electricity supply from large plants with solar panels. This would be an effective alternative for the preservation of the environment.
All best, Juan Molina.
Greetings @juanmolina, I did not know that the largest cryptocurrency mining is in China, very important your comment because with clean energy we can avoid further damage to the environment.
Thanks for your contribution my friend.
It was a real pleasure to read your writing, dear friend.
Keep it up.
Greetings @carlir is own quote that energy dependence to produce coins directly affects the environment and the traditional electrical ecosystem; the high complexity that generates produce them, derives in the need for a large amount of electricity with a lot of associated problems. Interesting post, thanks
Hmm quite interesting angle. Thanks