What do you think of the environmental impact of cryptocurrencies?

  • What do you think of the environmental impact of cryptocurrencies?

  • Doctor Anna

    Organizer
    February 28, 2021 at 09:15

    The environmental impact of cryptocurrencies can be very high. But, does it have to and what does the future look like?

    The energy use comes from the hash computations though – generating new blocks.

    What are your options on the matter?

    I will post some interesting, and some heat CONTRADICTORY, articles below and would love to have your opinions on it.

    /Doctor Anna

    • This discussion was modified 4 months, 4 weeks ago by  Doctor Anna.
  • Doctor Anna

    Organizer
    February 28, 2021 at 09:15

    /Bitcoin’s ascension has brought about some unexpected environmental consequences. Mining and supporting bitcoin takes a heck of a lot of energy. According to The Independent, bitcoin’s underlying network is supported by almost as much energy as it takes to run the country of Argentina. A good deal of bitcoin’s environmental impact is exacerbated by the fact that much of the mining is done in China. Considering that two-thirds of China’s power currently comes from coal, that’s a major issue./


    httpshttps://www.greenmatters.com/p/bitcoin-environmental-impact

    • This reply was modified 4 months, 4 weeks ago by  Doctor Anna.
  • Doctor Anna

    Organizer
    February 28, 2021 at 09:21

    //”What is most striking about this research is that it shows that the health and environmental costs of cryptocurrency mining are substantial; larger perhaps than most people realized,” said Benjamin Jones, UNM Researcher and asst. professor of economics.//

    https://www.sciencedaily.com/releases/2019/11/191113092600.htm

    • This reply was modified 4 months, 4 weeks ago by  Doctor Anna.
  • Doctor Anna

    Organizer
    February 28, 2021 at 09:22

    As an alternative to government-issued money, the cryptocurrency Bitcoin offers relative anonymity, no sales tax and freedom from bank and government interference. But some people argue that these benefits have an enormous environmental impact, particularly with regard to Bitcoin mining — the process used to secure the cryptocurrency. Now, researchers have estimated that past and future environmental impacts of Bitcoin mining could be lower than previously thought.

    https://www.sciencedaily.com/releases/2019/11/191120080246.htm

  • Anonymous

    Member
    February 28, 2021 at 10:02
    • Doctor Anna

      Organizer
      February 28, 2021 at 10:07

      Thanks for the link. I have never heard of ECOCoin before.

      • Anonymous

        Member
        February 28, 2021 at 10:59
        • Doctor Anna

          Organizer
          February 28, 2021 at 11:10

          ahahah WTF?!

  • Doctor Anna

    Organizer
    March 6, 2021 at 16:41

    This Twitter thread was an interesting take on the topic. Though I agree with him in sentiment, I still feel that comparing this with the old & energy-flawed traditional economic system might be a tad off. This is the whole reason the world is going up in flames. I think that we should not compare anything against the old standard if we would like to see a continued anthropogenic world. We need to do better.

    Still, of course, I get his point.

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