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- With the increasing demand for Bitcoin, the need for extensive mining of cryptocurrency has increased
- This has led to increased consumption of electricity leading to climatic changes
- Bill Gates is hugely concerned about his negative impact of Bitcoin production and is trying to spread it among the population
Such a huge rise in the price of any crypto has not been witnessed in the history of blockchain, and with the present trend in the rise of BTC’s prices is next to impossible. It has risen from a value of $30,000 in the month of January to a value as high as $60,000 this Saturday. One of the main recorded reasons for such a surge is the involvement of high tech giants like Tesla, led by the greatest entrepreneurs, Elon Musk who just recently bought $1.5 billion worth Bitcoin, after which the prices reached an all-time high value. But the mindset of all the billionaires of the world is not similar. Bill Gates on the other hand has expressed his huge concern regarding the negative effects of cryptocurrencies becoming so popular and with the increase in their prices. He is very much concerned about the negative ecological effects of extensive crypto mining leading to drastic climatic changes.
Bitcoin mining effects on climate change is concerning Bill Gates
Bill Gates mentioned that the usage of electricity by the crypto mining firms are several folds higher than the normal consumption of electricity by any other technology or firms. Each transaction uses up a huge amount of the environment’s limited resource, electricity. Which should be concerning every other individual in the crypto domain, but unfortunately, with its growing craze this particular fact is going unforeseen. He has not only shown his concern over interviews and social media but has also included the climate change issue due to crypto mining in one of his books. He is basically not happy with the effect that the extensive mining of crypto mining has over the climate of the world. With several outskirts of the world still unable to access electricity, it is very unfortunate that this technology is more of a ban than a boom.
The harmful power consumption reduction initiatives
A whole lot of power computers are required for the production of Bitcoins which consume comparatively much more energy. As per Cambridge’s report the entire consumption of energy by the production of Bitcoin is around 127.24 TWH, which is much higher than that of the entire consumption of energy every year by a country like Argentina or Norway. Several companies have taken up the initiative of reducing their carbon footprint, something similar should be done by the crypto firms, so as to reduce its harmful effect on the environment.
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.
