The Environmental Factor Of Bitcoin Mining
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Following bitcoins rise two years ago in 2017 to highs of $20k, the question was asked on whether the leading cryptocurrency was having an impact on the environment.
Although it has dipped, flown and been seen all over the place since then, it has only grown since its creation in 2009. It is the first and most popular cryptocurrency there is, and the growth we have seen over the past few years has fuelled speculation and debate about the environmental impact that the cryptocurrency is having. This is mainly due to the large amount of energy that it uses in order to power this digital currency.
Given that Bitcoin is not tied to a bank or government, it has been able to and has been able to increase massively in value. Essentially, what BTC is, is a line of computer code that can be signed digitally when it goes from one owner to another. The concern for the environment comes from the fact that Bitcoin cannot exist without computers, which in turn cannot exist without an electricity source. The number of computers that are needed is rising significantly, thanks to the growing value of the flagship currency.
Miners are what help bitcoin become a reality. They solve unique and often confusing puzzles to gain access to the currency but as the price and value increases, these puzzles become a lot harder.
Bitcoin has a hard cap of 21 million, so after that’s all been mined, that’s it. No more BTC.
But in the meantime, it’s said that these miners are using the best machines possible for the job. Ethereum is another cryptocurrency that can be mined too. In fact, last year a school teacher in the East was arrested for using the school’s electricity and pumping u the bills massively for hooking up several mining rigs on the premises.
Not only is mining expensive (and only potentially rewarding) but it has an impact on the environment like no other. Big mining rigs are the worst however unfortunately most miners don’t pay attention to the environmental factors of crypto mining.