Crypto Money Mining and its İmpact on the Environment

Krypto money mining also brings a great deal of power consumption. According to estimates made by Greek Environmental Engineer Spyros Foteinis, Bitcoin and etereum mining 47 terawatt hours a year. Annual consumption in Greece, where 11 million people live, is 57 terawatt. When we think of the 88 percent share of bitcoin and Ethereum in the digital currency, the entire encryption ecosystem consumes more electricity than it does. The reason for this high energy consumption is that the digital currency is registered not by a central bank, but by the entire user network, which compiles extensive records of payment operations known as "block chain".

According to foteinis, 58 percent of all Crypto mining is in China, where coal-fired power plants are concentrated. According to Foteinis, who uses a life cycle assessment, Bitcoin and Ethereum mining produce greenhouse gas, up to an average population of 6.8 million Europeans, or as much as 43.9 million tons of carbon dioxide equivalent.