Why does Bitcoin pollute so much?
August 05 2022 - 3:21AM
NEWSBTC
Cryptocurrencies are famously bad for the environment… but is there
a way we can do better? A study titled “Revisiting Bitcoin’s Carbon
Footprint” showed how Bitcoin could be responsible for 65.4
megatons of carbon emissions annually, which is about the same
amount as the entire country of Greece. China’s crackdown on
Bitcoin mining hasn’t entirely made the dent in these numbers it
was expected to, mainly since it was later found that mining in
China never stopped. Simply put, no amount of restriction will make
a difference. Bitcoin was created to resist regulation and
censorship, so even if a country banned mining, it wouldn’t stop
individuals from building mining rigs in their homes. High energy
consumption The high energy consumption of the mining process is
not a flaw; it’s a feature. Bitcoin mining is the process of
validating token transactions without the intervention of third
parties. This validation process uses large amounts of energy,
using the computational power of thousands of mining machines. This
entire process used to be possible with home computers, but mining
hardware has evolved since the early 2000s, giving rise to
Application-Specific Integrated Circuits, chips solely made for
mining Bitcoin. These machines constantly run, causing vast amounts
of consumption close to the energy used by countries like the
Netherlands or Chile. Miners buy the electricity they use, most
often generated from fossil fuels. Burning those fuels emit
greenhouse gases which warm the Earth’s climate and cause pollution
that harms human health. The issue doesn’t end there. Competition
among miners drives up energy use, and as Bitcoin’s value climbs
higher, that competition gets fiercer. As of May 2021, computers in
the Bitcoin-mining network made 180 quintillion guesses per second,
and each BTC token sold for $36,000 that month before climbing to
$57,000 in December 2021. With incentives like these, it’s no
wonder that miners are constantly working on mining more
cryptocurrency. Energy usage – by the numbers According to the
University of Cambridge Electricity Consumption Index, by June
2022, the global Bitcoin network needed 14.34 gigawatts of
electricity generation, which is enough to power nearly 14.4
million American households. That is roughly 126 Terawatt-hours
(TWh). If we take an average of 10.6 cents per kWh, it amounts to
approximately $13.4 billion. In addition, energy consumption for
mining hit an all-time high at the end of 2021, hitting over 200
terawatt-hours. All this isn’t even accounting for the
environmental damage caused by these activities. At this point, we
need to plant 284 million trees to offset the effects of Bitcoin
mining! A Negative Impression Blockchain technology and
cryptocurrencies offer new opportunities for all industries, from
finance and banking to media, healthcare, entertainment, and
e-commerce. Unfortunately, however, these troubling statistics take
the focus away from its benefits and shine a spotlight on how
harmful they are to the environment, and rightfully so. As a
result, much of the public is hesitant to adopt Web 3.0 and its
components. With the bad press cryptocurrencies receive, good
projects that make a genuine effort to mine sustainably get drowned
in the noise before they have a chance. Several innovative projects
like Cardano (created by Ethereum co-founder), whose Proof-of-Stake
model eliminates mining, and Ripple, which will be carbon-neutral
by 2030, are coming up in response to the effects of Bitcoin
mining. Among these projects is Megatech (MGT), a
South-African-based firm that ensures sustainability through
blockchain technology. A new outlook Megatech is the world’s answer
to the energy problem, implementing the ultimate green sustainable
energy technology. There is a high demand for green electricity
supply worldwide, especially in Africa. MGT combines
state-of-the-art solar energy technology, revolutionary storage
technology, and a dynamic funding model to ensure high profits and
low turnaround times. All token holders benefit from financial
returns on solar plants owned by Megatech. The first plant, Project
Beta, is a 60MW solar farm that will include a 100MWh of technology
with the opportunity for users to sell green renewable energy at
peak rates to blue-chip listed entities that have already signed on
with Megatech. In addition, 40% of all financial gains from this
project and all future projects in the pipeline will vest in the
MGT Solar (PTY) LTD. company that is managed independently by
fiduciary directors on behalf of token holders who participate in
the performance staking program. Megatech is also in partnership
with various companies in the renewable energy sector and has
contracted one of the leading EPC technical teams in Africa to
carry out their vision. Their initiative is 100% compliant with
ESKOM (National Energy Commission). A better tomorrow Climate
change is no longer a problem of the future; it’s here. Still, it
isn’t too late to address these concerns and move towards
sustainable energy while maintaining our way of life and bringing
the limitless opportunities and benefits of blockchain technology
and mining to individuals and corporations worldwide. Megatech’s
vision to become the number one blockchain technology company only
comes second to its passion for sustainability and improvement. If
in the process of solving one of the biggest problems that plague
our planet, they can empower users to earn crypto, that’s just
icing on the cake.
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