The Environmental Impact Of Cryptocurrency Mining

A Possible Solution Of Using Renewable Energy

Some crypto enthusiasts have realized the problem and have resorted to renewable sources of energy. However, it is just a smokescreen for the common people, while capitalists take advantage of it. For instance, an alternative of using hydroelectricity had been suggested.

Hydroelectricity can be considered a renewable energy source with limits subjected to it. One has to resort to using fossil fuels that lead to carbon emission for the hydroelectric plant operation. This leads to the average global temperature increase, causing global warming and sea-level rise, triggering another extinction-level event in the geological timescale. The claim Bitcoin is mined by consuming 75% of renewable energy is a smokescreen behind the whole operation of exploiting nature. 

Greed Makes Humans Delusional

Why is there a need for Bitcoin in an already existing currency established by the global market? The answer is greed to become rich and have a capitalist mindset. Cryptocurrency stocks have been booming, and people find it is an instant way to become rich.

However, many don’t realize its impact and how you support it by purchasing Bitcoin, Dogecoin, and Ethereum stocks. The greed of becoming rich is making you delusional about your duty to protect the environment. For instance, people follow a vegan diet, purchase eco-friendly products but hold cryptocurrency stocks. How will this help the upcoming generations?

Tesla’s Influence On The Stock Prices

Elon Musk’s tweets have influenced the stock market, and many individuals from the Gen Z group are interested in it. The purchasing and selling of crypto stocks are widely influenced by Tesla and thus affect mining capacity. At first, it doesn’t seem bad that people are interested in making their lives better.

However, they are doing this with limited knowledge of the subject. You should credit Elon Musk for highlighting the problem, but the scientists working on the subject deserve global respect. Hence, instead of being greedy to become rich by purchasing Bitcoin stocks, start pondering how to save the environment. Ultimately, Gen Z will have to live in the world and make it a better place for generations to come.

Conclusion  

The capital spent on manufacturing units, internet connections, mining equipment, and energy generation is not considered while determining the price of Bitcoin. However, it affects the environment, and it also affects your profits. Hence, it is a no-no situation, and the probability is unknown. Bitcoins, blockchains are considered the future. But at what cost? Will there even be a future at this rate?