I want to bring up a horrible cryptocurrency impact on environment.
Cryptocurrency has an energy consumption problem. Bitcoin alone is estimated to consume 127 terawatt-hours (TWh) a year — more than many countries, including Norway. In the United States, cryptocurrency activity is estimated to emit from 25 to 50 million tons of CO2 each year, on par with the annual emissions from diesel fuel used by US railroads.
https://rmi.org/cryptocurrencys-energy-consumption-problem/
How could we contribute tackling this? Could we maybe brainstorm possible actions on this?
Some ideas which already came to my head are:
- Not using crypto. If one has to, choosing better alternatives than bitcoin.
- Supporting development of environment friendly crypto.
- Avoiding support for bitcoin wherever possible to reduce it's attractiveness to the users, businesses and investors. Once its worth falls, mining it becomes unprofitable.
Top comments (1)
It is true that mining and staking activities consume energy. Bitcoin used PoW consensus mechanisms, which needed a lot of energy resource. To counter that, we can opt for Ethereum, a more scalable blockchain, that works on PoS mechanism, which is energy-efficient.
Even Bitcoin is devising new alternatives and still rising high. In the long run, crypto is actually energy-saving and more sustainable than fiat currencies.