Daily Management Review

Bitcoin Mining Worsens Global Warming Effect


11/22/2018


New study shows that crypto-currency mining could hasten global warming.



The “Nature Climate Change” journal has published a new study which revealed that the mining and trading business of crypto-currencies including bitcoin could contribute to the global warming by two degrees Celsius by the year of 2033.
 
The report stated that the amount of electricity used and the equipment involved in the mining of crypto-currencies would only worsen the effect of climate change. The University of Hawaii has conducted the above mentioned study, while the co-author, Katie Taladay said:
“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list.”
 
Today, Bitcoin is one of the “most important financial phenomena” which came into prominence about a decade ago when “programmer Satoshi Nakamoto” defined the “principles and basics of the cryptocurrency”. The paper thus published by Nakamoto was an independent one, reported the German News Agency.
 
The idea presented by Nakamoto brought in a revolution, as the currency was to be freed from the shackles of rules imposed by “central banks or national borders”. Traditionally, the national institutes and central banks offer currency protection, whereas the digital currencies use “serial data technology” which promises the “credibility and security” of them.
 
In serial data technology, transactions successfully appear in a “public visual transaction book”. Multiple copies of this book, helps to determine the culprit in case, anyone “tries to tamper with this series”. Moreover, once used by a person one currency moves onto the wallet of the recipient either through sale or purchase, whereby preventing the use of it “more than once”.
 
Alex de Fries is a “financial analyst” who also specialises in serial data technology. He published a study stating that the “amount of electricity consumed in Bitcoin minting is equivalent to the amount of electricity used in Ireland”. Furthermore, De Fries adds that the electricity involved in the crypto-currencies mining process could be equivalent to around “half of the world's total electricity consumption by the end of this year”.
 
 
References:
aawsat.com







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