Is Bitcoin Harming The Environment? [VIDEO]
Hi guys, this is Coin Girl and welcome to another crypto video.
I can’t even keep the pace with Bitcoin’s price lately, it broke another milestone and reached $11,000!!
I was prepared for it to reach 10,000 in December, so this news came a bit as a surprise. If it will soon have a correction? I don’t know, however, in this video I would like to talk about a darker side of Bitcoin that is a bit less discussed - Is Bitcoin Harming The Environment?
The way Bitcoin is created is through the process of mining and we all know that miners use advanced hardware and loads of computational power in order to solve the mathematical puzzle in order to discover the block of information that contains the transactions.
The problem with this process is that Bitcoin becomes harder and harder to create, because the solving takes more power and more effort. Because of this, the hardware gets outdated very easily and new equipment is needed. The old hardware gets tossed away, creating more electronics that have no use and rarely gets recycled.
Mining Bitcoin is a billion dollar industry and consumes around 288 megawatts and each individual bitcoin transaction uses almost 300KWh of electricity – enough to boil around 36,000 kettles full of water.
Watch the video and let me know your comments and thoughts!
Bitcoin is probably harming the environment with all the electricity used but the renewable energy sector is moving at a fast pace. I read an article where it said 5 years ago solar panels efficiency was around 10%, now its near 20%. Also a lot of new mining companies are using renewable sources of energy. For every problem theres a solution
Great thinking! If only we could adopt more renewals rather than traditional...