Cryptocurriencies are bad news for the environment

Did you know?

Cryptocurrencies, including Bitcoin, are bad news for the environment.

Bitcoin electricity consumption is monumental, and keeps growing fast as Bitcoin gets bigger.

In many countries around the world, electricity is produced from fossil fuels, generating a huge carbon footprint.

How does it work?

New bitcoins are generated through a process known as “mining” in which computers around the world solve complicated mathematical problems, earning Bitcoins as a reward.

The more miners there are, the more complicated the mining process gets. Miners need to have always more powerful computers to achieve the mining, and this process is estimated to consume around the same amount of electricity as a small country.

The more popular these cryptocurrencies get, the more energy they will require!

So far, this technology is not yet widespread, but if cryptocurrencies were to become a mainstream, the environmental impact could be major.

Author: easyecotips