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- With the growing popularity of BTC, Bill Gates is concerned about the consequences
- The major consequences would be very high use of electricity leading to climatic changes
- He has written a book where he believes that if the platforms begin using green energies, the threat of climatic disasters will reduce
A huge lot of investors in the markets, both popular and local, have taken a great amount of interest in investing in the domain of cryptocurrency. This surge in people’s interests in the financial markets has elevated the prices of the bitcoin above to an amount of $57,000 until Thursday, last. But the world-renowned billionaire Bill Gates is greatly concerned about the production process of digitized currencies. The mining procedure for bitcoin, followed by the generation process of any digitized currencies, is done after proper verification by using potent computers that possess the ability to solve the most complex sort of mathematical equations. These machines consume a whole lot of electrical energy while working, thereby raising concern among the market. In a very recent interview, Bill Gates mentioned that such higher levels of mining procedures are exploiting technologies, thereby leading to climate changes and is greatly affecting the environment.
The main reason behind the increase in crypto mining
According to Gates, getting rid of the pandemic sounds much easier than preventing or overcoming the climatic changes. It has been recorded that the consumption of electricity is the highest. Simultaneously, the processing of bitcoin transactions and no other workings are said to be using up so much electricity in just one go. As per Bill Gates, this work does not sound suitable for the world’s climate. The present demand for BTC by multinational companies and other cryptocurrencies has led to a higher rate of minings. Companies like Tesla and Facebook adopting the use of cryptocurrencies in their system have made their prices reach peaks, thus causing more and more mining.
A threat to nature prevails
The recent BTC prices have grown by 600% in a span of just 12 months. A recent Cambridge study disclosed that bitcoin’s amount is greater than the amount of electricity used up by the entire country of Argentina. With the prevailing popularity, bitcoins’ carbon footprint will go higher and higher. Bill Gates’ concern was more prominent when he wrote a complete book on ‘How to avoid a Climate Disaster.’ This would only become possible when platforms like crypto would adopt green energy.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
