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[Free Report] Bitcoin and its Hidden Environmental Consequences |
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by Jisoo Hwang | 04-06-2021 07:46
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Bitcoin is currently one of the most trending issues in the United States. Bitcoin's stock price, which vastly fluctuates day by day, is an interesting issue not only for those who invested in the stock but also for ordinary people who are interested in the future of virtual currencies. Recently, a new group of people have also joined to share the interest of Bitcoins with a rather shocking perspective: the environmentalists. Bitcoin can be obtained through a process called the “mining,” requiring numerous algorithms to be solved, and such algorithms can be solved through a large number of computers. This results in immense electricity consumption and CO2 emissions. The Cambridge Centre for Alternative Finance, a research institute in the University of Cambridge, has been exploring the issue. The website ( https://cbeci.org/cbeci/comparisons ) shows Bitcoin's electricity consumption in real time and compares the figure in various ways. According to the institute as of May 15th, 147.71 TWh (Terawatt-hour) is currently used for mining Bitcoin per year and the amount is similar to the annual electricity consumed by Malaysia as a whole. Bitcoin takes the 26th place when countries that consume a lot of electricity are lined up. 147 TWh is also the amount that can operate all home appliances in the United States for 1.5 years. This absurd electric consumption issues of Bitcoins along with the supply and demand of electricity by citizens in some countries with low electricity bills as a result led to some countries including China and Abkhazia to restrict the usage of electricity in large PC workshops called Bitcoin mining sites. ( https://www.coindesk.com/abkhazia-bans-bitcoin-mining-shortly-after-legalizing-it ) While the issue at stake is critical, it is true that Bitcoin's environmental impact has not been emphasized enough compared to its investment value or its effectiveness as a currency. Surprisingly, the issue of recognizing Bitcoin with its environmental concerns has been done by someone unexpected: Elon Musk, the CEO of Tesla. With a single line on his Twitter, Elon Musk has completely changed the Bitcoin stock industry. As the business leader in various fields such as electric vehicles and exploration of Mars, it was only natural for Elon Musk to be interested in Bitcoin, the “future of currencies.” Musk has emerged as a representative Bitcoin advocate by allowing Tesla's purchase to be settled with Bitcoin in the beginning. However, Musk immediately withdrew his policy to allow bitcoin payments, and this decision caused market confusion as Bitcoin's price plunged dramatically. What is interesting is that Musk cited Bitcoin's excessive impact on the environment during mining due to his withdrawal.(https://www.forbes.com/sites/davidrvetter/2021/05/13/what-elon-musks-bitcoin-decision-means-for-the-climate-according-to-experts/?sh=2d69b2e16d7b ). Bitcoins and electric vehicles that replace fossil fuels share value in terms of future-oriented aspects, but they have completely opposing environmental results. While we do not know if Musk's decision to withdraw Bitcoins is based on environmental concerns or a plausible cover for simple investment considerations, it is noteworthy how this entrepreneur has raised awareness for environmental issues. As a person living in an American society where every celebrity’s simple actions and words have a huge impact, this consequence of Musk’s statement was an example that made me contemplate on the positive effect of authoritative figures to raise public interest in environmental issues. |
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8 Comments
Hi Jisoo,
This is your mentor Yuseon:D
Bitcoin is one of my personal major interest nowadays:)
I enjoyed reading this report!
As Musk cited Bitcoin's excessive impact on the environment during mining due to his withdrawal, I also begin to get aware of the impact. Using so many computers and so much electricity would be a problem, but I didn't know it would be over the energy taken manufacturing real money.
Anyway, thanks for sharing this well written report;)
Keep sharing with us!
Posted 26-06-2021 00:53
Hello Greetings from Nepal
It is really informative report for me .
keep writing such reports in future days
Regards
Dolma
Posted 13-06-2021 00:26
very well
Posted 11-06-2021 12:53
Dear Jisoo,
This is your mentor Debbie. :)
The unit “tera” is rarely used in everyday life?? It??s really hard to imagine how much energy is put into the world of criptocurrency. It seems like it not only has concerns regarding the environment but also surrounding the fact that the price of bitcoin is severely affected by a simple Twit from Musk. I??m curious of how other ambassadors think about this issue. :) Thanks for sharing!
Green Cheers,
Debbie
Posted 08-06-2021 21:28
Hello Jisoo,
I do hope you are staying safe with sound health and doing great with your works,
I had also heard about Bitcoin but was not so fully aware of it's consequences on Environment,
Thanks, for writing such an informative report on Bitcoin,
Hope to read much from you in coming days too,
Green cheers,
Yours,
Sandhya
Posted 06-06-2021 21:42
Thank you for sharing your report on Bitcoin,
I found it really interesting and informative.
Green Cheers,
Bindu
Posted 06-06-2021 21:12
Glad you shared this. It was really informative.
Best regards,
Roshma.
Posted 06-06-2021 00:16
Thanks for sharing such informative article,
I think that the whole concept of Bitcoin is foreign to many teens, even myself. We know what it is but are often confused as to how it works or what the consequences are. The fact that it's causing a major effect on the environment was news to me.
Posted 05-06-2021 00:17