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Author Topic: Environment  (Read 59 times)
brawdias
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July 20, 2018, 11:17:16 PM
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Cryptocurrency and mining is bad for the environment ?
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Petfrica
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July 21, 2018, 12:48:30 AM
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How do you mean Bad for the environment??? Are you trying to close your eyes to the truth that this environment or sphere has been a different place thanks to the arrival of Alts???
Cryptosandy1987
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July 21, 2018, 04:58:50 AM
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I am not able to connect the relation b/w Cryptocurrency, mining and environment. I am very eager to know about this. Can you explain to me Huh

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July 21, 2018, 06:51:12 AM
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Proof of work (pow) requires allot of power to mine. Proof of stake (pos) does not require mining so it's way better on the environment.
werizapp
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July 21, 2018, 07:07:04 AM
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Cryptocurrency and mining is bad for the environment ?

Just how did you arrive at this question? I see new blockchain startups, trying to reshape the way we use energy, in order to consume electricity in an optimized manner. I don't remember the name of this ICO, but there was one that exactly aimed to utilize electricity being made and allocated to households in a very optimized way. I guess it's the other way around then, Crypto can be beneficial to the environment.
vphasitha01
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July 21, 2018, 07:32:17 AM
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First, we have to look at what mining involves," adding value by dedicated computational resources to verify transactions in a public ledger called a 'Blockchain',". For those dedicated computational resources are normally called an ASIC (Application Specific Integrated Circuit) hardware. Those ASICs consume lots of energy when mining cryptocurrencies. Studies show that total annual energy output of all the dedicated mining machines worldwide at 35 terawatt hours which is approximately equal to the level of energy consumption in Denmark. Normally bitcoin transaction consumes around 100KWh where credit card transaction 0.2KWh. The problem is the fact that a large proportion of the electricity used is generated via fossil fuel burning. Actually, most of the large-scale miners are from China where more than 60% of electricity produced by coal(world largest coal consumer). Coal is the major contributor to the man-made climate change(Anthropogenic effect). This is the process of how the mining of cryptocurrency relates to the environment.

So what can we do? I think there are two options. One is to develop and optimize mining equipment and the other one is to move towards the renewable energy progressively.


Sources>>>https://www.thenational.ae/business/technology/why-cryptocurrency-mining-is-an-environmental-hazard-1.690059
                  https://themarketmogul.com/environmental-impact-bitcoin-mining/
hacsoi2799
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July 23, 2018, 05:05:55 AM
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Cryptocurrency and mining is bad for the environment ?

Just how did you arrive at this question? I see new blockchain startups, trying to reshape the way we use energy, in order to consume electricity in an optimized manner. I don't remember the name of this ICO, but there was one that exactly aimed to utilize electricity being made and allocated to households in a very optimized way. I guess it's the other way around then, Crypto can be beneficial to the environment.
Hello. I think that when exploiting cryptocurrency can take a large amount of electricity, resulting in electricity costs and power outages of thermal power plants and hydro. This can cause power shortages and environmental pollution. This is my own opinion.
HabBear
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July 23, 2018, 05:50:37 AM
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Cryptocurrency and mining is bad for the environment ?

Because of energy use? Depends on your perspective. Is any use of energy inherently bad for the environment? if so, then obviously the answer to your question is yes!

Now, does it depend on the type or source of energy used to mine? IF so, the mining activity's eco-friendly status depends on that source and will be different by miner.

What is undeniable is that bitcoin or cryptocurrency mining is yet another example where finding the cheapest energy source benefits the operation. That will force most miners to find energy that's free or most efficient - think hydroelectric, solar, wind, geo thermal. That's why places like Iceland have become hotbeds for cryptocurrency mining.

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