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The ugly side of Bitcoin


FotisNt

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Posted

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

Posted

Yeah, the bitcoin network uses a ton of electricity, and it can cause a lot of damage to the environment depending on how that electricity is generated. If it is produced with a renewable source, then I don't see a problem with it :)

Posted

I agree. This is why I suggested replacing all the current miners with energy efficient ones in order to protect our planet and make reasonable profits which is a win-win situation. However, many people just don't give a damn since they are too greedy.

Posted

Yups the unseen side of Bitcoin which is the extreme amounts of electricity it consumes in order to maintain the mining activities of Bitcoin is definitely costly and yes you mentioned in the opening post it very can affect the environment too.

Posted

Well it does require tons of energy to mine but also for a fact there is a solar supply if people can use that but they dont so there is no point if they were environmental cautious then they would switch.

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