The cryptocurrency craze has consumed the world in the last few years. A decade back, when Satoshi Nakamoto mined the first bitcoin, very few people knew about it.
With time and advancement in various fields, people have become aware of cryptocurrency and especially Bitcoin.
There are thousands of miners, traders and investors who actively interact with Bitcoin. Blockchain technology, which lies at the crux of cryptocurrency, has also been helpful to several other sectors. In short, cryptocurrency and blockchain technology are helpful in several ways.
How did the buzz spread?
People can either mine Bitcoin or trade it. But trading is easier. There are applications such as cryptostrader.org which can help one to trade. Platforms such as these allow people to buy, sell and trade bitcoins without owning them.
If you are new to the world of cryptocurrency and want to start earning, this can be your best option. Bitcoin mining is not only logistically complicated but also mathematically demanding. To mine Bitcoin, you have to solve complicated math problems. So, if you are someone for whom maths is not a strong suit, the chances are that you will not be able to mine Bitcoins. In that case, it’s better to leave it to the experts.
Moreover, most people nowadays prefer trading. In a world where young people are continuously looking to increase their earnings by engaging in a side hustle, investing in Bitcoin comes right after stock market trading. The best part about trading in Bitcoin is that it is decentralized and therefore has several benefits over traditional forms of transactions.
How much should we care?
Now that we have talked about all things good about Bitcoin, let’s talk about the environmental implications of cryptocurrency. After all, cryptocurrency is digital. How can something digital have an environmental impact?
It is true that Bitcoin mining is a digital process. Mining cryptocurrency requires an elaborate computer setup. The miners have to solve complex math problems on them, and there is also a need for a continuous supply of internet and electricity.
So, when it comes to these vivid setups, it means that there are several supportive devices connected to the desktop or computer. These devices not only require ample energy but also get heated up very fast. To cool them down and maintain the mining process smoothly, one needs to arrange for an additional cooling system. Such a setup, once again, requires power. Therefore, mining Bitcoin requires a considerable quantity of electricity. And that is the reason why Bitcoin mining leaves a significant carbon footprint.
Additionally, the mining process of Bitcoin also requires a massive quantity of internet. The use of the internet is not even close to what we use in daily life. It is, in fact, beyond our imagination. The constant need for an internet connection is also a significant factor that makes bitcoin mining an unhealthy process for the environment.
Bitcoin mining is a complicated procedure and requires some things. The way it impacts the environment might not seem to be of concern, but it is. The popularity of cryptocurrency is increasing each day and more and more people are associating with the field. With that increase, it is only natural that there will also be greater demand for electricity and the internet.
As consumption increases, so does environmental degradation. Just the way an ocean is composed of trillions of drops of water, the impact of Bitcoin mining and trading aggravates the already existing problem. Overuse of natural resources, rise in global temperatures, melting of the ice caps, all of our significant concerns and bitcoin mining has its fair share of contributions to this.
Although Bitcoin has helped empower various sections of society and allowed people to be their bosses, there are more significant implications. It is time to know about it and think of alternatives to reduce the carbon footprint.