As I've researched more about cryptocurrency these past few days, I stumbled upon this article which discusses the impacts of cryptocurrency mining in our environment. What are your thoughts about this one? For those who are not interested in reading the entire article, I will be listing down interesting data/information that can be found in the mentioned article.
- The greenhouse gas emissions of Bitcoin mining alone could be sufficient to push global warming beyond the Paris Agreement's goal of holding anthropogenic climate warming below 2 degrees Celsius.
- A 400% increase in Bitcoinโs price from 2021 to 2022 triggered a 140% increase in the energy consumption of the worldwide Bitcoin mining network.ย
- Bitcoin price and energy use for Bitcoin mining are highly correlated.
Crypto mining consumes a lot of energy putting a strain on most resources. There is also the issue of dumping mining machines once they get outdated, which can affect the environment. Picture that a mining machine that came out two years ago is no longer relevant, so it has to be dumped
It is true that there is a heavy environmental cost with crypto mining which most people don't seem to care about as they continue to trade with cryptocurrencies. There have been some efforts made to reduce the carbon footprint associated with crypto mining.
An alternative to crypto mining is Proof of Stake (PoS) that works on blockchain network hierarchies. Efforts are being made to reduce the energy impact of crypto mining which is good to see. Some blockchain networks consume less energy than others so there must be an answer.
I found this to provide an excellent explanation of everything crypto mining https://www.tandfonline.com/doi/full/10.1080/23311886.2024.2323755#d1e200
@graham This is the first I am hearing of PoS, upon checking the link you attached, I found out that there are countries that do not have specific rules to regulate cryptocurrency mining activities which includes China and USA. It is somehow alarming that they don't have any regulations given the fact that they are the top two in terms of crypto mining.
@tituskrit I didn't even thought about where do mining machines go once they are no longer relevant. I did a quick research and I feel it falls under the category of e-waste. The effects of e-waste in the environment is concerning because it can be toxic since it is non-biodegradable.
I'd say mining cryptocurrency is a toss-up situation. Humanity desires decentralized currencies but at the same time it requires a colossal uptake in resources. Some would argue let's stop mining all together, but I think we can have a more conscientious approach when mining. For example, if you mine an X amount of coins, you should be required to plant X number of trees. This will offset the carbon footprint used in mining and appease mother nature. It definitely won't be enough, but at least it would be something.
I read in one of the articles thatย Mining can cause erosion, sinkholes, loss of biodiversity, or the contamination of soil, groundwater, and surface water by chemicals emitted from mining processes.
@evcj_ Yea its a massive crashout situation. Plus the machines are rendered irrelevant real quick
@leo Isn't this the traditional mining? Can you share the article that you've read so that I can also read it, it piqued my interest that crypto mining can also cause erosion, sinkholes, etc.
Crypto mining equipment require a lot of energy which in the long run is not that sustainable to the environment specifically if using non-renewable sources
The use of fossil fuels to generate electricity for cryptocurrency mining has caused significant environmental damage. I hope this can be changed, because the preservation of nature should be important to everyone.
@tituskrit Can't they be recycled and the material to be reused again. I remember my cousin first buying a powerful PC to do cryptocurrency mining. Two weeks later he quit and used it for gaming. 😆
@strahil 😆 that's disheartening but hey, life goes on hahaha. At least your cousin gets to enjoy their games 😂
I think overall crypto mining is causing massive carbon footprint and there are plenty of studies that have been focusing on the same.ย
@strahil I think he had this exit plan to use the machine for gaming and probably mining crypto was the excuse to buy expensive machine.
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@amyxx yes but gaming is also consuming a lot of electricity. It's almost the same if you play super high end game with your GPU and mine with the same GPU. And nobody attacks the gamers only the crypto miners. If we need to be fair we need to take all of the energy consumers and ask us if these tasks are important for the humanity 😎
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