What is the environmental impact of crypto mining?

vishnu · Post time 31-8-2023 14:59:05

Is it true that news reports that Bitcoin consumes huge amounts of energy most of which are fossil fuel-based? Why does it not transform itself into something like Ethereum which does not consume so much energy?

chetan · Post time 31-8-2023 15:28:16

Crypto mining has very little environmental impact. The news and articles you have read are mere blames and nothing more. Further, since most Bitcoin mines are in the USA, which itself heavily relies on fossil fuels, there is an increased dependence on Bitcoin on fossil fuels.

gautam · Post time 31-8-2023 15:42:40

Edited by gautam at 2023-8-31 18:15

Bitcoin mining has a great environmental impact. It consumes a lot of energy because to solve complex calculations, there is a need for massive computing power like ASIC miners which require electricity. Further, these mining rigs generate a lot of heat which requires additional cooling. All of these are estimated to consume 127 Terawatts of energy, more than the entire
country of Norway

gautam · Post time 31-8-2023 16:02:39

Bitcoin consumes less electricity than all the banks combined together despite doing work that is equivalent to them. The news that you saw is for blaming Bitcoin. Further, most Bitcoin farms run on renewable energy resources like solar energy, wind energy, and geothermal energy.