Monday, August 3, 2020

45 irresponsible miners cut off from power in Kyrgyzstan on Global climate strike day

The Takeaway:

Cryptocurrencies have emerged as a technological revolution in the last few years and have a huge potential to change the financial structure of the world. But many experts have shared their concern on how the mining process of these currencies can harm the climate.

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Today the world has come together to raise voice against exploitation of nature. As much as 300,000 people in Australia took to streets to join in Global Climate Strike. This is a serious issue, which is not getting enough attention as many political parties’ ideologies contradict with scientific researches. Several reports suggest that the impact of climate change is very evident as many species continue to extinct daily.

It is tough to deny the services that bitcoin and cryptocurrency provide are very important for our financial independence from the government. Unfortunately, cryptocurrency mining also contributes to climate change as it uses a large amount of electricity. However, the extent to which it affects climate change is debatable. Several reports have claimed that crypto-mining could boost global warming by 2-degree Celcius in the next two decades. 

 

How crypto mining affects climate change?

Crypto mining requires heavy hardware pieces of machinery that consume a high amount of electricity to mine digital coins, which in result increases the CO2 emissions in that area. Theses machines solve complicated mathematical problems to add new coin into the blockchain and as the coin becomes more popular and rises the problems become more complicated, and machines require more energy to solve them.

However, most of the crypto mining happens in remote locations of China, where companies use hydro-powered electricity to run their machines. Crypto mining in these places does not harm the climate as much as companies which run coal-generated power. 

Climate change is a serious issue, and using non-renewable fossil fuels are still the root cause of it. We still have time to avert the worst that could happen because of climate change if we all do our bit. Let us know in comments what do you think about the effect of crypto mining on climate change.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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