Bitcoin may not be so good for the Environment….
According to multiple sources, the use of Bitcoin is leading to surging energy consumption. Some have equated Bitcoin mining practises to the use of Denmark’s entire energy consumption, yikes! This has been raising a lot of concerns about our eco-friendly future and the crypto’s sustainability. It is estimated that by 2020, Bitcoin will use as much electricity as the entire world. This is obviously a huge problem.
While this is seemingly a 911 emergency, Bitcoin’s energy while high in the beginning, is said to decline quite steadily in the long run and will be more stable. While this may be true, it’s not just about Bitcoin’s per transaction energy consumption, its Bitcoin mining as a practise. This is the art of generating new Bitcoin while maintaining current Bitcoin’s and the energy consumption of this is completely unknown. Many skeptics of the cryptocurrency indicate that Bitcoin contributes to our climate issue while providing no public benefit.
What do you think? Should we throw in the towel on this currency while we are ahead or go forth?
Happy Spinning 🙂