How can Bitcoin reduce its negative impact on the environment and reduce potential contributions to climate change?

in #bitforex3 years ago

Bitcoin’s rapidly emerging popularity and prominence in the global economic marketplace has raised significant concerns about environmental impacts and degradation. Detractors have long claimed that digital coins like BTC have become enemies to the environment, primarily due to concerns about the use of electricity to power the digital currency.
While the debate around Bitcoin consuming too much electricity seems to be dying down somewhat, carbon emissions in connection with Bitcoin were admittedly massive in the past. However, more recent studies reveal that efforts to reduce emissions have been successful and the release of carbon in connection with Bitcoin is steadily decreasing. It is primarily the mining process for BTC that leads to these environmental impacts, as it involves solving complex mathematical problems using computers in order to create a new currency, generating carbon dioxide releases in the process that have been as high as 63 MT of carbon dioxide.
While this is certainly cause for concern, many countries—China, for example—seem to have taken control over the situation, claiming that consumption has decreased significantly. This is, of course, good news for BTC miners, investors, and supporters, and bad news for detractors of the Bitcoin and cryptocurrency industry. It seems they soon may not have the facts on their side when it comes to concerns about emissions and environmental impacts. In fact, some reports claimed that China had been able to reduce the carbon dioxide emissions to 17 MT two years ago.
Researchers have provided tangible evidence that consumption of electricity from BTC mining is decreasing, which has reduced the emissions of digital currency as a whole. Unfortunately, regardless of the evidence that is presented on improvement in this area, experts feel that findings may not be strong enough to prevent people from continuing to express concerns regarding Bitcoin’s impact on the environment, in particular, its carbon emissions and use of electricity.
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