Bitcoin has been one of the most talked-about cryptocurrencies. However, it has also been criticized for its extensive environmental hazard. There have been discussions that turning to renewable resources will further reduce its carbon consumption. Still, it is a fact that Bitcoin mining utilizes a large number of energy resources from the environment. Recently, one mining operation by Greenidge Generation in Central New York came up with a different strategy for mining, but it has alarmed environmentalists across the world.

Bitcoin Miners like Greenidge open bitcoins by resolving complex computing issues. As the value of Bitcoin goes up, the puzzles become frequently more complex, and it demands more computer power to solve them. And now, Greenidge is using its own power plant for that. This company produces about 44 Megawatts to run 15,300 computer servers. These megawatts dedicated to Bitcoin might be enough electricity to power more than 35,000 homes. And many environmentalists around the world are observing this plant and many such other mining plants as a huge threat to energy resources.

Earthjustice Organization of the US has stated that “The current state of our climate demand action on cryptocurrency mining. We are jeopardizing the state’s abilities to meet our climate goals”. Cambridge University has also claimed that Bitcoin’s bad impact on the environment raises to an electric consumption of 133.68 TWh per year. Countries like Egypt, Malaysia, Sweden, and Ukraine have been adversely affected by Bitcoin’s electricity consumption.

Bitcoin’s adverse impact on the environment is not simply about the electricity consumption matter, but the sort of energy it utilizes similarly matters. In most cases, it uses non-renewable energy resources which is a huge reason for climate threat. According to Digiconomist, Bitcoin mining uses as much energy as a small country every year. Observing the Greenidge as a recent case, researchers are demanding to refuse the renewal of the plant’s air quality license and halt similar projects of mining. They additionally fear a roll of resurrected fossil-fuel plants elevating greenhouse gases for more private profit than the public good.

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References:

• www.decrypt.co
• www.washingtontimes.com
• www.cbeci.org
• www.digiconomist.net