Bitcoin Mining Faces Environmental Challenges & Related Future Problems

Due To Huge Energy Consumption Bitcoin Mining Faces Environmental Challenges
  • Impact of Tesla’s purchase of BTC with a response given by prominent analysts
  • Yassin Elmandjra’s views on Bitcoin Mining in terms of environmental problems
  • The clash of bitcoin & gold on the basis of environmental relating issues and they’re dispose
  • Directing the blockchain ecosystem towards sustainable energy and growth

The impact of Bitcoin mining is considered on actual power consumed & other environmental challenges as the sceptics are concerned over the mining problem since Tesla bought bitcoin worth 155 billion yen on Aug 8th. Many significant media criticised Tesla’s purchase, like Financial Times, who stated ‘Stupid’ to bitcoin. An article by Dr Alex de Vries states that bitcoin annually consumes 78 TWh of electricity, which is way more than Chile’s annual electricity consumption, i.e. 20TWh. Despite Bitcoin not being a ‘Nation’, it still surpasses Argentina, UAE & the Netherlands when it comes to power consumption & ranks in the top 30 worldwide.

Environmental Debates & Concerns

Tesla’s stance on environmental issues was evaluated. It claims that buying bitcoins would emphasize environmental impact as BTC was thriving large amount of coal-fired generation was being carried out in China. An article was published recently in February where the BBC, a significant media outlet, points out the concern for cryptocurrency mining about environmental problems & states that it continues to hit high records every week. ‘the original design of the miner’s uptime increases as bitcoin prices rise’ comments Michel Rauchs, a researcher at the University of Cambridge explains bitcoin power consumption will rise if BTC price does not drop. 

Yassin Elmandjra’s Take on Bitcoin Mining

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The intrinsic value of BTC is one of the foundations of production, unlike the US dollar & it explains that mining is a trustless environment for bitcoin says Yassin Elmandjra, a cryptocurrency analyst at US Ark invest & further says traditional banking system & gold mining is less efficient than bitcoin’s power cost.

Pollution By Gold Mining

99% of the mineral on mine are disposed of as wastage during the extraction of other minerals & gold, published by a newspaper in 2016. Companies that mine directly contribute to environmental problems by disposing of the waste directly into the sea in places like Papua New Guinea & Indonesia. Bitcoin is called the ‘Digital Gold’, which stores the value more frequently than gold, but there are other differences between the two risk assets regarding environmental pollution.

Sustainable Energy- A possible Way Out

Andrew Hatton, head of IT at Greenpeace’s UK division, an international conservation group that appeals for environmental protection, points out that the challenge for cryptocurrencies is that “21st-century technology is still moving with 19th-century energy sources.” Many countries like China with its wind power underway & US committed to its green strategy & japan with tax credit plan to ‘Carbon Neutrality’ by 2050. The cryptocurrency industry will also need to use sustainable energy.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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