Home
News
•Largest political donation in the history of the environmentalist Green Party.
•Bitcoin mining takes a toll on the environment.
•Schmidt believes that they will curb the usage of bitcoin.
The environmentalist political party, Greens, received its single largest donation in its history from a German software developer.
Donating an Environment Centred Political Party Maybe Impactful
Moritz Schmidt, the software developer who made millions from bitcoin, donated a massive sum of 1 million euros to the Green party. Schmidt hopes that it stands out in this year’s national election and will consider banning cryptocurrencies in the future. The political party mainly focuses on reducing greenhouse gas emissions and devising new ways to fight climate change. Schmidt believes that donating his money to a party that focuses on the environment will have a tremendous impact in the long run.
Cryptocurrencies Consume a lot of Electrical Energy.
The 39-year-old developer earned 2 million euros by selling bitcoin he had held over the past few years. In 2011 he bought bitcoin worth a couple of thousand euros, after which he lost almost 90% of its worth because of the crash. Since then, cryptocurrencies have been fluctuating in their worth. However, throughout his years of involvement with cryptocurrencies, he realized that mining consumes a lot of electrical power.
Although the Green Party has not mentioned any such ventures related to bitcoin in the future, they surely want digital currencies to be traceable. Schmidt believes that regulatory authorities will not take any bold actions until and unless the value of such assets crash, making them unsuitable as global currencies. Therefore he believes that banning the use of bitcoin may be the best solution to it and that Green Party, in effect, may look into that.
.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
