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Bitcoin mining impact on the environment

05/06/2021
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Bitcoin mining and its energy consumption

Nowadays there are tons of arguments on how Bitcoin network is harmful to the environment and causes tons of carbon emissions and environmental degradation. The amount of electricity used to mine Bitcoin is more than electricity used by entire countries. If Bitcoin was a country, it would be in the top 30 energy users worldwide.

To understand why Bitcoin mining requires so much energy, it’s important to know what the process entails. Every action, completed (purchases, sales, trades, and the release of new Bitcoins) isn’t controlled by any single authority- like a central bank- but a disparate network of computer. And as Bitcoin becomes more popular, the more resources its ecosystem consumes.

The energy consumed due to increased Bitcoin mining is put forward as one of the most important problems nowadays.

Is there really a problem?

Nevertheless, bitcoin believers argue that disputes about its environmental impact are missing the mark. Exactly how much energy the bitcoin network consumes depends on who you ask. Everything in the world requires energy and as technology advances, the amount of energy needed will increase. There is also a belief that when people don’t like Bitcoin’s energy consumption is they simply don’t like Bitcoin. Meaning: people that are against crypto, think that any energy consumption from Bitcoin leads at a drastic cost.

Sustainable energy resources use

Since Bitcoin miners are interested in working on the cheapest electricity possible that sometimes means they use energy that otherwise would have gone to waste.

Many people believe that Bitcoin is a great way to preserve their wealth; it just has to move to be as environmentally friendly as possible. As mining grows more profitable as Bitcoin expands and the price rises, more miners will use more sustainable energy resources.

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