Cryptocurrency has revolutionized the way we think about money. It allows an individual to send and receive money without relying on banks. Along with the intoxicating highs given by this technology, dark corners lurk. Many cryptocurrencies consume large amounts of energy necessary to operate, which translates into environmental destruction. Recently, there have been attempts to find ways to lessen the environmental footprint of cryptocurrency. The article will also give a synopsis of the environmental impacts of cryptocurrency and ongoing developments to make it green.
Understanding the Environment Impact of PoW Cryptocurrencies
Energy Consumption:
PoW cryptos, especially Bitcoin, use miners to have a competition about solving complex mathematical problems. This process does consume massive computing power, along with an equally humongous intake of electricity. As estimates through the Cambridge Bitcoin Electricity Consumption Index, Bitcoin’s electricity consumption annually is rivalled by the electrical consumption of full-fledge nations. It runs from 97 to 323 terawatt-hours.
Fossil Fuel Dependency:
Most of this electricity is produce from fossil fuels, such as coal, natural gas as well as oil. Heavy dependence on these non-renewable energy sources leads to a substantial amount of greenhouse gas emissions and increases the level of climate change.
Electronic Waste:
ASICs, which are specialized application-specific integrated circuits for doing mining, become obsolete quickly when more powerful, efficient, and less energy-consuming models come into the market. Such fast-paced advances in technology leave behind extensive electronic wastes and pose tough environmental as well as human health issues.
Water Usage:
Cooling data center containing mining also calls for huge amounts of water, which can be a problem to the water supply especially in areas suffering from water shortage.
The Environmental Impact of Cryptocurrency Mining
Most cryptocurrencies, like Bitcoin, depend on a process called mining. Mining is an operation where transactions are confirmes and add onto the blockchain. Yet it is highly energy-related; the computing-power-related work needed for performing this job involves a large amount of electricity.
1. Energy Consumption
A Bitcoin mining operation alone has a yearly electricity consumption higher than some entire countries. This is because Bitcoin, like some more similar cryptocurrencies, is based on a system known as Proof-of-Work (PoW), in which miners compete among themselves to crack mathematical puzzles. The miner who solves a puzzle first earns new coins. Quite significantly, because a number of computers are competing in real-time, this calls for considerable energy to be expended.
2. Carbon Footprint
Most of the crypto-mines use fossil fuels like coal and also natural gas for their energy needs; so, there are greenhouse gases release into the atmosphere in the aid of climate change. The industry has attempted to use more renewable sources; overall, though, they have a large influence on the mining sector’s impact on the earth.
Steps Towards a Greener Cryptocurrency Industry
Skyrocketing working solutions are in place to mitigate environmental damage cause by cryptocurrency by many people and corporations; they are thinking on ways to make cryptocurrencies more green.
The transition to Proof-of-Stake (PoS)
Some cryptocurrencies are migrating away from proof-of-work to a relatively new system called proof-of-stake (PoS). The systems requested for miners to solve complicated problems were removed altogether. Instead, anyone in possession of cryptocurrency can stake their coins to certify their transaction. This method does not require much energy. One of the biggest coins, Ethereum, transitioned to PoS in 2022 and therefore cut energy consumption by over 99%.
Renewable energy usage
Some cryptocurrency mining companies rely on clean energy to minimize the possible harm on the environment. In locations abundant in clean energy, such as Iceland and Canada, mining operations have become increasingly popular.
Carbon offsetting and environmental programs
There are projects and companies working to offset the carbon emissions of the mining industry. They fund initiatives that benefit the environment, such as planting trees or developing clean energy projects. Such a group is the Crypto Climate Accord, which pledges to make the cryptocurrency sector carbon-neutral before 2030.
Environmentally friendly cryptocurrencies
Surprisingly, there are cryptocurrencies engineered with eco-friendliness in mind. These digital cryptocurrencies use alternative schemes that do not require as much energy in comparison to Bitcoin.
Chia (XCH)
Uses a new form of validating transactions called proof-of-space and time requiring orders of magnitude less energy than traditional mining.
Nano (XNO)
Doesn’t mine coins at all, using a system that barely consumes energy.
Algorand (ALGO)
Carbon-negative blockchain: the chain actively works at taking more carbon out of the atmosphere than it puts in.
As the Bitcoin/Ethereum crash continues, the combined reduction in energy consumption of these networks now equals that of a country like Austria
— Digiconomist (@DigiEconomist) June 14, 2022
The reduction in global carbon emissions could be 110,000 metric tons of CO2 per day – almost as much as global CO2 reductions by EVs pic.twitter.com/8cVHlewbYP
Conclusion
Cryptocurrency is a fantastic and revolutionary technology, with an impact on the environment. Mining is energy-intensive and relies heavily on fossil fuels, which has raised flags for concern. However, more sustainable solutions are actively being researched. Such developments are ushering in energy-efficient systems, renewable usage, and funding environmental projects. The sustainability of cryptocurrency will depend on the agenda of the day that is balancing financial technology against environmental responsibility.
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