why bitcoin is bad for the environment
why bitcoin is bad for the environment
Most people are probably familiar with the idea of Bitcoin in connection with its soaring price and use in illegal transactions. But what many people don’t realize is that Bitcoin is also bad for the environment. Bitcoin is a finite resource, and as such, its consumption is bound to have an impact on the environment. This is seen most clearly in the electricity used to mine new Bitcoins.
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| why bitcoin is bad for the environment |
Bitcoin and other cryptocurrencies have captured the public imagination, spawning a new asset class and a new generation of investors. However, the environmental impact of Bitcoin and other cryptocurrencies is not yet well understood. Unlike traditional currencies, which are issued by central banks, Bitcoin and other cryptocurrencies are “mined” by computers solving complex mathematical puzzles. This process uses an enormous amount of energy, and in some cases, produces large amounts of waste.
Bitcoin and other digital currencies have captured the imagination of environmentalists and other green thinkers. For starters, they’re renewable and emit zero net emissions into the atmosphere. But there’s a lot more to like about this technology than its environmental friendliness. For starters, it’s fast and cheap to move money between countries using digital currency.
Bitcoin is bad for the environment because of its high energy consumption. New bitcoins are created by a process called “mining,” which involves a computer solving a difficult mathematical problem with the help of a number of computers. To solve a problem, a mining computer must run an application that requires a lot of energy. Bitcoin mining requires so much energy that it is a major power consumer in many countries, including the United States, China, and Iceland.
Bitcoin, the digital currency, is notorious for its energy consumption. That’s because most transactions are processed by machines, which require a lot of power. In 2017, the current bitcoin network used more electricity than 159 countries around the world. And that’s a conservative estimate.
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