Is Bitcoin Mining Going To Destroy The Planet?
Is mining Bitcoin worth the threat it poses our very existence?
Whilst Bitcoin offers communities and society a chance to access a new technology and a form of value that is not regulated by the government, itâs production and mining does have a detrimental impact on the planet, yet, few people seem to recognise that this is the case, especially those scholars who are big on blockchain.
Dr. Jon Truby of Qatar University has recently spoken out about the environmental impact of Bitcoin, referring to its design as one that has been made without any environmental considerations, thus, it poses a great threat to our very existence. This isnât cryptocurrency in general, there are many green alternatives out there, yet Bitcoin continues to be mined in a carbon heavy and damaging way. Why arenât people trying to stop this?
According to CCN, Dr. Truby has said:
âThe problem will only worsen. The higher the value of Bitcoin, the greater the incentive to mine, and new digital currencies will be developed with similar carbonized models. However, as the underlying technology can offer significant benefits, it is here to stay, so future models must be designed without reliance on energy consumption so disproportionate to their economic or social benefits.â
Dr. Truby has proposed a number of solutions that aims to encourage blockchain enthusiasts to head towards using more environmentally friendly cryptocurrencies and crypto projects. The propositions exist within the paper: âDecarbonizing Bitcoin: Law and Policy choices for reducing the energy consumption of Blockchain technologies and digital currenciesâ.
Dr. Truby argues that now is the time for intervention, before itâs too late. The blockchain can be cleaned up and crypto technologies donât need to be as damaging to the environment:
âThe goal of any intervention focused upon the machinery would be to indirectly impact upon the behavior of developers, motivating them to amend the model of existing and particularly future systems towards a less polluting and more sustainable transaction verification model,â argues Truby. âIt could also motivate manufacturers of such devices to produce low energy versions.â
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By altering our habits and by focusing on cleaner and more environmentally friendly cryptocurrencies, we can help shape the blockchain into a greener position. The emissions produced by many crypto mining escapades are frankly colossal. Until we reach out and expand the popularity of greener projects, the planet is at risk and with that, so is our own existence.