Ironically enough, all the mining that takes place around the concept of cryptocurrency and blockchain, in general, is putting a lot of strain on our environment. There have been; however, some initiatives sparked in these recent months that will be focusing on creating a process that is not that absent of the environmental impact mining has and that will also help to lower the general carbon footprint proposed by all the mining that used electronic equipment and a lot of electricity. But in a fair comparison, this doesn’t even come closer to the asters other businesses have had on our environment, according to a popular crypto analyst and the host of the Coin Bureau.
A pseudonymous trader on YouTube has come up with all this interesting information about how cryptocurrency might be a shining knight in the armor to save the environment. According to him, cryptocurrency could help in decluttering all the mess the traditional businesses have had on the environment. This trader uses some firm knowledge and reasoning while pointing towards the root of these accusations being stomped on Bitcoin. These accusations that Bitcoin mining alone will increase the earth’s temperature by 2 degrees Celsius come from an academic paper written all the way back in 2018.
Bitcoin’s Energy Usage might be Exaggerated Beyond the Normal Calculations
There are various loopholes in the paper. There is a section where it is discussed that the total rate of Bitcoin transactions will reach one billion per day in the upcoming future, where the whole blockchain in its entirety is only marching up to a few hundred thousand transactions daily. In an interesting concept, he puts out a scenario discussed in the paper that Bitcoin mining is taking up electricity that is enough to power a small country. According to the anonymous trader, all the appliances such as TV, computers, coffee makers, and such are using way more than Bitcoin mining when these are merely plugged into sockets, not running or even functioning at all.
The whole concept that Bitcoin puts forward is deflationary, which supports frugal living; on the other hand, the fiat money, while representing inflation, urges people to amass more and more, increasing consumption, thus leading to riveting climate change and environmental degradation.
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