The Discussion Throws Light On What's The Environmental Impact Of Cryptocurrency? – Part 2
We continue on the environmental impact and here explain the other reasons. Take a look and get all the info on it. We promise you will have a good idea of the problem at hand.
Continuation From The Earlier Post
The impact of cryptocurrency on the environment is a topic of debate amongst the environmentalists. To maintain the air, water, and land green and pure is a matter of choice as the miners can choose the mode of electricity fuelling crypto mining. As China remains to be the leader in mining, the use of fossil fuels had threatened the environment. As an alternative, the use of hydropower has helped the mining process to be fuel-efficient and minimize the pollution of the environment. While the previous post examined a few reasons for this, in this post we further explore the remaining reasons. Read on and get the picture right.
Miners Are Here To Take Defensive Stance
Taking a defensive stance, many miners of bitcoin as well as other digital currencies are observed by the Cambridge researchers as several big mining operations believed that their environmental impact is surely significantly lower than that associated with a physical extraction process for oil or another precious natural resource.
Aiming to make the mining operation less dependent upon massive amounts of energy, other miners are pointing to new strategies and tools for example the HydroMiner comes as a Vienna based company utilizing renewable hydroelectric power for the mining operations. Taking a less reactive view on the impact of mining on the environment is Nadine Damblon the co-founder. Whereas according to Futurism, Damblon is said to believe that this question is the latest iteration of an old argument and continues that people used to say that the streets would be no longer usable because they would be covered in horse manure not long ago as they said Google’s search engine would use up all the worlds energy. She is of opinion that these cryptocurrencies thereafter become increasingly efficient as they continue to evolve and develop. Hereby Damblon and her team at the same time has worked to find a method of mining that focuses on renewable energy sources.
Who Is Right in energy efficiency?
The tug of war is between pessimistic analysts and defensive miners who are right in the debate over the impact of digital currencies on the environment analysts don’t necessarily agree on the exact figures while the amount of energy used in the mining process is huge as beyond that there comes one line of thinking suggesting that the benefits of digital currencies which include added efficiency in payment processing and the ability to help individuals avoiding inflation outweighing the environmental toll.
The fact that it is exceedingly difficult to measure the impact itself, is one central issue that complicates the debate about the environmental impact of digital currencies. Therefore it is good considering that the bitcoin as also most of the other digital currencies are thereby anonymously generating a reasonable estimate of the worldwide energy usage trends associated with this industry comes to be problematic.
Hence as the Dutch bitcoin analyst Alex de Vries believes that the numbers don’t bode well, he suggested that even the most energy-efficient mining rigs are possibly still using 13 terawatt-hours of electricity in total. This is as much electricity as the entire country of Slovenia uses assuming that many machines do not be as efficient as possible believing that the actual amount of energy used to mine for bitcoin could be much higher as its likely only increase as more and more miners begin to try their hand at the process. While De Vries remains to be pessimistic, he says that it’s a massive problem as they are consuming thousands of times more energy for something they can already do at the moment.
It is here that the question is will miners use less electricity as it surely becomes more efficient to mine? As also will they simply continue to operate at the same energy levels or perhaps even greater ones because it will thereby yield them greater rewards for their efforts? Therefore, in either way, the digital currencies could be headed for an important reckoning.
The Concluding Thoughts
While the fact of importance here is the environment efficient energy sources, the coming era should make it a factor to be looked into without fail. The more the concern of energy efficiency, the more the mining process comes to be cost-efficient. As cryptocurrency mining is the latest from technology and is here to stay, it is required to find more sources of energy providing for the process to be included as energy-efficient and pollution-free.