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Evolution Magazine

Finance

Bitcoin; a virtual brilliance or a potential global threat?

Cryptocurrency takes the front seat at the economic front

izmir, Turkey - November 20, 2017 Studio shot of golden Bitcoin with a digital background

Is the common man aware of the fact that one single transaction of bitcoin is equivalent to the same amount of carbon-footprint released as 68,0000 visa transactions or in layman terms 51,210 hours of streaming on the platform YouTube?

Now, most of the readers must be wondering what is this singular entity bitcoin, well Bitcoin, more prominently known as cryptocurrency is like internet money, virtual currency. What’s even more interesting is that alongside its soaring popularity, its values have also witnessed great substantial heights alongside that beware that every revolutionizing creation has its onset backs particularly in the case of bitcoins it is its alarming energy consumption that has most certainly raised doubts in the hearts of environmentalists. The amount of energy used for mining Bitcoin is more than the energy used in Argentina. A few researchers from Cambridge stated that the consumption is around 121.36 Terawatt-hours (TWh) a year, which is humongous coming from just mining bitcoin.

Credits: rkmgrain.com
Credits: The street.com

As bitcoin is a virtual currency, it is mined by special computers which have very high and advanced processors and state-of-the-art hardware to crack certain algorithms and solving puzzles. These computers require a lot of energy and as a result, most of the energy provided is by fossil fuels and non-renewable energy sources as the energy provided by renewable sources are unable to match the needs. It’s rather astonishing how this single act of mining bitcoins has a plethora of repercussions, highly detrimental to the health of our very planet and our people.

If this very energy consumption rate continues to accelerate like it is doing so right now, humanity will be faced with a rather urgent environmental as well as an energy crisis whose harmful effects will then be immensely difficult or almost impossible to curb, thus it is highly imperative to look upon this matter and conjure certain solutions to reduce or somehow minimize the energy consumption whilst mining bitcoins, so that this very contemporary invention continues to strive and benefit people in particular well-renowned companies, without presenting a global threat to our very home, our safe haven.

Reported by: All Zarish

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