(Image from youmatter.world)
Our own environmental impact has been of growing concern over the past few decades as individuals explore ways that they’re able to reduce their own impact on climate change, and whilst ultimately smaller individual changes will only make a small dent it does mean that the general public have become more aware of changes. The latest to hit has come through concerns of crypto currency, it has become used increasingly on different platforms over the past few years particularly with the likes of betting and gambling found on this website for example – but could the potential future for crypto start slowing as environmental concerns fill news feeds rather than the promise of something new and different?
Many of the biggest farms use up a huge amount of energy and simply moving them to another country may not be an option
It was first raised as a concern early in 2021 with the launch and widespread initial success of NFT’s, a sort of digital collectors wallet for virtual goods particularly within artwork and similar creative goods. Whilst many were excited for the change, articles quickly started to emerge around the problems that were being linked with the high energy usage and demand that they brought with some likening minting an NFT to more electricity usage than the average consumer would use over a number of days or weeks, and although mostly subjective with no real hard evidence to just how much energy they did use, it did become a point of concern.
With the new crackdown in crypto in China particularly for Bitcoin, as China does make up over 70% of the entire Bitcoin mining market, the environment is certainly a topic of discussion for what may happen moving forward. Many of the biggest farms use up a huge amount of energy and simply moving them to another country may not be an option as the same will need to be considered where energy is available and available for cheap too, it may start to spell the slowdown of the decentralized currency boom that has been seen over the past few years particularly as the price of the biggest coins saw a large initial drop.
Ultimately it is only the tip of the iceberg so to speak that is being explored currently, whilst there is no hard figure on just how much more energy these currencies use than other options in particular, it is something that is only now just being explored so new discoveries may be found at any time and the extent of the environmental impact may be much bigger than previously thought too – given it has already led to one big name pulling out of a partnership with using the biggest coin, it wouldn’t be all that surprising to see other names pull out whilst trying to deliver on environmental promises much in the same way.