Bitcoin became popular among cryptocurrency investors because it promises to provide you with a decentralized medium of making transactions. Apart from all this, it also offers very little regulation by any nation of the world and the complete anonymity of your transaction. On the plus side, you can also make transactions without telling anyone, and following the market was because the power of controlling your bitcoins is entirely in your hands. All these benefits are very appealing for most investors worldwide, but some look at it as a degradation of the global economic system. Mainly, the list comprises some international organizations like IMF, the United States of America, and some nation’s governments who are not in favour of popularising bitcoins and their involvement in the legal system.
But, the primary matter of concern also regards the physically existing environment. Here, bitcoin is degrading the financial system of the different nations, but it also affects the environmental systems to a large extent. Can we even say that bitcoin is not at all polluting the environment? Well, we are never sure about it. So, the thing that we have to pay attention to is how polluting is bitcoin exactly? How many harmful effects can you impose on the environmental system of the whole world? The answer is not clear. So, this is the crucial thing that we will discuss today. So, there is an introduction to the sustainable perspective of the whole bitcoin ecosystem on the environment in this post.
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Environmental effects
Even the bitcoin has been a better medium of making transactions; there are certain environmental drawbacks that everyone has to incur. Even if you are not using bitcoin at this point, you need to understand that they are affecting the environment around you. Apart from the environmental erosion, bitcoin has been involved in criminal activities like money laundering, buying drugs, buying weapons, tax evasion, and child pornography. Instead, we will understand how bitcoin is terrible for the global environment. To do so, we need to closely look at the underlying technology of bitcoin, which is Blockchain.
To verify your transaction in bitcoin, there are cryptocurrency miners who have to solve the algorithm equation. Instead, an extensive network of computers works every second to help you use the bitcoin. The primary purpose of these networks is to solve a complex maths puzzle so that you can go through cryptocurrency transactions whenever you want. On an exchange, when its cryptocurrency is a transaction, the miner has to verify it, and to do so, he’s going to get a reward. As per the reports, in the past few years, bitcoin has reached new prices of all time, all because of significant events like Elon musk’s bitcoin tweet. If you are interested in bitcoin trading check bitcoin as the most successful crypto blockchain and its reason.
If we pay close attention to how the bitcoin system uses energy, we may also report the details given by Cambridge University. There is a very vast and lousy impact of bitcoin on the environment because bitcoin uses total energy of 133.68 TWh every year. It is the total consumption of bitcoin every year, and it is more than Sweden’s total annual electricity consumption. It is higher than Poland, Malaysia, Egypt, Ukraine, and Argentina. According to the analysis done by many experts, every bitcoin transaction will have a carbon footprint of 549.74 kg CO2. It equals about 91,624 hours of watching any movie on internet streaming websites like YouTube. Hence, bitcoin’s energy consumption and carbon footprint are more significant than any other electronic system worldwide.
If you compare the bitcoin transactions with the traditional payment options like Visa, the energy consumption of BTC is way higher. According to the data published on the Internet on May 2021, one bitcoin transaction requires an average electricity consumption of 1200.86 kWh of energy. However, with a total energy consumption of 148.63 kWh in visa transactions, we can process 100,000 visa transactions. The numbers and their differences are significant if we consider these two payment options. So, it is evident that bitcoin is a serious side to the environment now.
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