BITCOIN IS A THREAT TO THE ENVIRONMENT ?
Yes, Bitcoin is a threat to the environment. A New study published in journal ‘ Nature Climate Change ‘ finds that : –
If Bitcoins are executed in the same rate at which other technologies are executed, then it could alone produce enough emissions to rise the Earth’s temperature by 2 Degree Celsius which can lead to : –
- Global warming.
- Climate Change
This is because we need a huge amount of Electricity to run the programs of Bitcoins.
Bitcoin is killing the environment.
WHAT ARE BITCOINS ?
Bitcoin is a cryptocurrency a form of electronic cash with heavy hardware requirements and it consumes a huge amount of electricity because of : –
- High processing rate and
- Transaction rate done by users all around the world.
HOW BITCOIN CAN BE A THREAT TO OUR ENVIRONMENT ?
Bitcoin purchases create transactions that are recorded and processed by a group of individuals referred to as Miners.
For each and every transactions among the users we need some amount of electricity and 1000’s of users are doing transactions.
Due to this the amount of electricity is very huge and disastrous for our environment because CO2 gets emitted while producing the electricity.
There are difficulties for the production and requirement of Bitcoin due to high production of electricity and the topic which is least discussed is the environmental impacts of producing that much amount of electricity.
Last year the use of Bitcoins caused around 69-70 million metric tonnes of emission of CO2 and excess of CO2 is very harmful for the environment.
WHAT ARE THE HARMFUL IMPACTS OF PRESENCE OF CO2 IN THE ATMOSPHERE ?
Some of the harmful impacts of presence of CO2 in the atmosphere are as follows :-
- It causes Air pollution.
- Global warming and Climate change.
- Melting of Glaciers.
- Breathing problems
- Acid Rain , may cause ozone hole and so on.
The impacts of CO2 in the atmosphere is endless but we should know all the consequences which can take place in nearby future.
Researchers found that : –
” even if the Bitcoin is executed at its slowest rate then its cumulative emissions will be enough to raise the global temperature by 2 degree celsius within next few years.”
WHO ARE THE MAIN CONTRIBUTORS FOR GLOBAL WARMING AND CLIMATE CHANGE ?
The main contributors for the ongoing climate change are as follows : –
- Huge amount of emissions from transportation.
- Emissions from housing, foods.
- Emissions from industries and cigarettes.
- Burning of fossil fuels and woods.
- Burning of Solid wastes in Landfills.
Katie Taladay ( a UH Manoa Master’s Student ) illustrates that : –
” even Bitcoin should be added to this list as it causes excessive emissions of CO2. “
SHOULD WE USE BITCOIN FURTHER IN THE FUTURE ?
We cannot predict the future of Bitcoin and its consequences which can take place in our nearby future.
If we continue the execution at this rate then we can face severe change in Climate which is a very bad news for the subject Climate Change.
After getting all the information it can be assumed that any further development in Cryptocurrency should critically aim to : –
- Reduce the usage of electricity so that the level of Global warming can be reduced.