The Detriments of Cryptocurrency in the Environment.

We live at a certain point where we are most aware that each of our actions constitutes a risk to the environment. Improper waste disposal, Unwise usage of readily available resources, and massive food waste for instance are the biggest offenses each average Joe commits to the environment. It has gone so worse that the Global Climate Change bureau of NASA configured that even with our collaborative efforts, the damages inflicted to the planet wouldn’t suffice our human lives, meaning some of us here who is at the age of adulthood would not be able to retire in a green future as most of us have envisioned.

To make matters even more concerning, the current manner in which top-tier cryptocurrencies on the market like bitcoin consume energy is still primarily from the burning of fossil fuels. Although large-scale bitcoin mining corporations employ paradigm shifts to a much greener alternative. With that said, it is still concerning to know that the bitcoin network alone consumes as much energy in one year as the whole country of Argentina and that a percentage of this consumption, no matter big or small, constituted the burning of fossil fuels to facilitate the electricity needed for transactions to be processed.

What can we do about this, then?

As of now, there is no definitive answer as to how Climate Change could be reversed. Simply planting trees on every bald spot of the planet isn’t going to cut it when continuous burning of non-renewable resources for energy is still employed, and while society is growing at the expense of the environment’s health.

But does this mean we should just sit back and let the world burn, literally?

Not really, efforts, no matter how small, still count. And would force large-scale companies which are prime offenders of the destruction of Nature to rethink their current systems and deploy an alternative that will be more favorable to the environment. This is what happened to Bitcoin when the community outcry over the indiscriminate use of non-renewable resources for its energy, wherein nowadays a lot of large-scale companies that are observed by the public use biomass or other forms of renewable energy sources to power up their systems.

Additionally, one thing we cryptocurrency enthusiasts could also do is to promote the use of PoS, a system that does not rely on a single pre-provided node to exist and would require pooling of computation power instead to facilitate transactions, much like CUDOS. The elimination of the need for Proof of Work is not only beneficial in transactions by making them faster and cheaper, it also allows for a network that does not consume so much energy unlike Proof of Work does.

Creating a future for our children where they don’t have to breathe smog is hard, but is never impossible, and as cryptocurrency enthusiasts who are always taking the future into account, we have a good head start in the prudence department which will help us promote good practices that will altogether help heal the planet.

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