Big Environmental Concerns About Crypto – What Can We Do About Them?
In May 2021, the crypto market experienced a major crash that drove the price of bitcoin from it's all-time high of about $64,000 to around $31,000
Bitcoin and many other cryptocurrencies operate on a proof of work consensus algorithm
This means that all the members in each node of the blockchain have to expend significant amounts of energy to solve cryptographic puzzles
Carbon footprint refers to the total amount of greenhouse gas emissions (carbon and methane), produced by the burning of fossil fuels
Cryptocurrency mining farms burn massive amounts of fossil fuel yearly
It is important to keep one’s self updated about cryptocurrencies, their benefits, use-cases, and the potential threats they pose to the environment
There are currently plans to reduce or completely remove the environmental concerns that cryptocurrency mining poses by the year 2030