Just when we finally thought things were looking up for the cryptoverse, there’s another reason why cryptocurrencies like Bitcoin might not be as good as advertised.
Turns out mining them could be increasing CO2 emissions in the atmosphere;
Although some research shows that it would probably take the same amount of energy to mine an amount of cryptocurrency as it would to mine the same amount of gold for example, other studies and cause based research has shown that the computer power used for Bitcoin mining might just be far greater.
It is no secret that although crypto tech is far ahead of its time, however, there is still a lot of energy and cost intensive computer or hashing power that takes away from the incredible applications of the blockchain. Several environmental concerns have been raised with regards to cryptocurrencies even though it is harder to quantify and explain the exact impact of the mining of these virtual coins.
Two researchers keen on exposing the severity of these environmental concerns, Max Krause and Thabet Tolaymat estimated that in order to mine a dollars worth of bitcoin uses up around 17 megajoules of computer power as compared to a mere 5 megajoules to mine the same amount of gold. This is before adding in the cost of extra activities required in the process such as the mechanism required to cool down the hardware.
The report also looked at Bitcoin’s total production of carbon dioxide in the last three years as other studies show that Bitcoin mining could push global warming above a staggering 2 degrees. The results are worrying as Bitcoin has caused produced approximately 3 million to 13 million tonnes of carbon dioxide. That is the same as the amount of CO2 produced by a million cars!
Jon Truby, the Director of the Centre for Law and Development at Qatar University is reported to have said that the mining of one bitcoin, “could take as much energy in that transaction to power your house for months. Right now, that’s not sustainable.”
Unless, Bitcoin and other cryptocurrencies figure out a more sustainable way of producing their energy, we might soon have to choose between keeping our cryptos or keeping the planet alive!
