Cryptocurrency Ethics Regarding Climate Change
Bitcoin, Ethereum, and all other cryptocurrencies have a climate issue. But if done strategically and in the right manner, there can be a way to reverse the energy and climate problem.
The amount of energy consumed while mining bitcoin is enormous. The energy needed to power a cryptocurrency network is so much that it could power small countries like Kazakhstan, Malaysia, or Sweden. This means that cryptocurrency is indirectly and partly responsible for carbon emissions that cause climate change. For example, every Bitcoin transaction uses energy worth 980 kWh, which is enough to power a home for almost a month.
A Key Promoter of Sustainability Development?
Despite all the above-mentioned issues, UN specialists believe that blockchain technology could play an important role in the development of sustainable solutions and reduce the overall impact of crypto mining on the environment.
According to Digiconomist, Bitcoin mining consumes a similar amount of energy to an entire small country like the Netherlands or the Philippines. However, many environmental activists are already using the very same technology as a tool in the fight against climate change.
