If Elon Musk is talking about it, it must make sense!? If that’s not a good enough reason to invest in Cryptocurrency then what is!
Everyone’s talking about digitizing money, digitizing gold, decentralizing money. However, would digitize money mean fewer trees will be cut for paper? Or would digitizing gold stop real gold mining which considerably adds to land pollution? What does this mean for the future, and the planet! Apparently, the mining of cryptocurrency at a rapid pace consumes a lot of fossil fuels especially coal, which causes the worst GHGs emissions of any other fossil fuel.
First, let’s understand in simpler terms how it actually works and how digitizing does not mean environment-friendly. The currency might be virtual, the impact is very real and at a mammoth level!
Cryptocurrencies are made in a decentralized network that mines the coins. The software that mines bitcoin is designed to solve complex algorithms and process blocks that form the chain. Mining is a process of creating new coins, meaning solving new algorithms, using a lot of computers and a hell worth of fossil fuels.
The codes are so intelligent that they end up consuming huge amounts of electricity, as the massive computers are so powerful that they are now becoming heavier on the planet.
No matter which cryptocurrency’s price go high or low, the rise of crypto trade promises higher and faster fossil consumption than ever before, which is not a good investment idea while we’re already fighting climate change impacts.
Today, with the rising restrictions in movement, when sustainable future is in question, the one market that has picked up like no other is that of the cryptocurrency. Irony! Digital transactions are on the rise and to facilitate faster, more transparent and efficient exchange, energy and power are being sucked out of the planet.
Research says that the transaction of one Bitcoin consumes an average of 700KWh of energy and resources. Apart from that, it adds to the global Carbon Footprint, contributing about 22 million metric tonnes of emission every year. And that’s one Bitcoin. Imagine the rich people you know and how many of these they might own, and do the math! It’s scary how many people we know of who deal in crypto!
So should we all leave our slice of pie!! And give up the greed! Should we forget how it is like to indulge! Forget luxury, money and finer things in life! Should we perform mass renounce!? Actually, it not at all that dramatic! if we all come on the same page, we can do all indulge, have a sip, relax and sustain a green future! All we need to do is plan better! Easier said than done but there are ways! There can be ways!
To start with, sustainability can be accomplished by using alternative fuels. Renewable energy usage is extremely integral to ensure that Cryptocurrency sustains and thrives not only financially, but ecologically. Governments can ensure easy accessibility of renewable energy and tax rebates to lure miners into using sustainable energy resources for their production.
After all, the best way to see if this would work is by doing it! There is only one future. Either we have that or there is no other alternative! Trade wisely!