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The environmental impact caused by some activities like mining cryptocurrencies?

One of the most discussed problems associated with cryptocurrencies is their volatility. While the value of a particular cryptocurrency can be skyrocketing one day, it can severely depreciate the other day following some unprecedented event. While investment in Bitcoin and other cryptocurrencies always come with some risks, other factors have to be considered when thinking about digital currency. With various discussions on how and to what extent cryptocurrencies impact our lives, we often forget to understand how cryptocurrency mining can be extremely unfortunate for the environment. While many famous individuals have made statements about the cost of mining Bitcoin that the environment has to pay, few pay heed to it.

How is bitcoin mined?

Before fully understanding how Bitcoin mining can harm the environment, it is vital to have a clear concept of the mechanisms used for such activities. Bitcoin mining is much like solving a highly complex puzzle. However, these puzzles are complicated mathematical algorithms computed by the computer itself to create a new Bitcoin. Since all cryptocurrencies’ most significant and striking aspect is that they are not based on a particular centralised system, mining is vital to get these coins out of the decentralised network. An average bitcoin mining software requires about 10 minutes to solve a cryptographic program and process a blockchain block.

While there are many ways in which Bitcoin is mined and throughout the years, there has been much refinement in the procedure, one of the most widespread problems connected to this is the enormous amount of energy it consumes in the process. Bitcoin mining uses up a lot of electricity, and it is significantly time-consuming and energy-consuming. Even in making transactions with Bitcoin on the other cryptocurrencies, it is associated with a high level of energy usage that leads to environmental effects.

Energy Consumption and its association.Bitcoin Mining

The issue of colossal energy consumption by Bitcoin mining activities has become so prevalent that it has got the attention of various researchers all around the globe. While we cannot understand the influence of Bitcoin on our environment today, it is likely to show its ugly face in the years to come. Since the popularity of Bitcoin and other cryptocurrencies are only rising, it is expected that mining activities do not end soon. This means that energy consumption by Bitcoin miners is going to increase even with the popularity of cryptocurrencies growing regularly.

A significant study conducted by the University of Cambridge found that Bitcoin mining activities consume over 120 Terawatt hours per year. This is more than the electricity required annually by countries like Argentina, Malaysia and Sweden. It would surely rank in the top 30 countries with maximum energy consumption if it were considered a country. The amount of energy consumed in Bitcoin generation and transactions leaves a heavy carbon footprint that can be compared to the entire city of London.

The impact on the environment

The amount of pressure put on the environment is already at its maximum with climate change and pollution in every sphere. With the development of blockchain technology that is revolutionising money as we know it, it is showing its ugly faces by demolishing our environment. Increased demand for Bitcoin or other cryptocurrencies means that it needs to be generated more, which causes more strain on the environment. The apparent effects are not visible to us in the present day and age, but it is likely to cause a massive mess in the coming days. Cryptocurrency mining needs to be refined in specific ways without causing such stress on mother nature.

Conclusion

When buying cryptocurrency from https://bitcoinxapp.com/ and other such places, it is essential to be mindful of its environmental impact. It is through actively working on the problem that we can find a solution to these eminent stressors.

 

 

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READER COMMENTS BELOW

5 Responses to “The environmental impact caused by some activities like mining cryptocurrencies?”

  • illiterate pap voters:

    another big waste are the brand new t-shirts pap clowns wear at pap PA organized functions.

    mind you, pap PA was supposed to be apolitical. the S$billions approved by parleement was to be used for citizen welfare.

    pap being the crook, abuses the process. chaired by pap secretary general, every S$ in pap PA is sued for pap political purpose.

    worse, cannot investigate since the one heading CPIB is the same pap secretary general heading pap PA.

    talk about thefts. talk about rot. if it smells rotten it has to be rotten. and pap, in clear sight, is rotten.

    is this waste?

    YES. every function pap PA organizes, the pap folks all wear brand new t-shirts.

    How come?

    hahaha.

    pap rewards those with national day bottle caps and lucrative pap PA t-shirt contracts. without national day bottle caps and pap PA t-shirt contracts, where got anyone time to attend to pap PA events.

    rightfully, CPIB should look into pap PA t-shirt contracts and see where they are awarded. no need to guess. the contracts go to c cc ccc cccc ccccc chairman and such.

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  • xoxo:

    Bitcoin is just an over hyped,over-valued CRAPtocurrency.
    Its value is just a summation of irrational demand over a piece of CRAP.
    Thats all to it.
    It is not unlike the notorious Lehman minibond$.
    So,its negative impact on environment is purposeless.

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  • opposition dude:

    People don’t care about the damage to the environment, they just want to make money. Look at coal burning countries for a good example.

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  • @xoxo

    Believe it or not, I actually have an S19j miner that’s colocated in Russia and it has managed to pay for my monthly medication.

    Over-hyped and over-valued or not, it is a life-saver for me.

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  • you still need fiat currencies:

    //Bitcoin is just an over hyped,over-valued CRAPtocurrency.//

    hahahaha. you still need fiat currencies (created and backed up by sovereign countries ???) to exchange / buy cryto (created by some-????-happy-entity and backed up by well the-more-players-the-better ???) ???? and fiat currencies are generally more stable than cryto which can be very volatile ???

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