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Why is cryptocurrency bad for the environment?

Bitcoin ruins the environment

For many years, I not only mined Crypto but also traded in it. It was lucrative. I thought it was brilliant. I got in early, in 2010 and made quite a lot of money.

However I have now changed my stance on this form of currency. I still deal in Forex, but no longer Crypto Currency. The reason is quite simple. I want a planet Earth for my children to inhabit. If you use Crypto, you are helping to kill the planet.

Why is cryptocurrency bad for the environment?

Let me explain that every Single Bitcoin transaction currently averages a carbon footprint of 549.99 kgCO2.

That figure meant very little to me either, so I sought out a comparison and worked out that if you took your windows laptop (that’s quite telling, I say windows not for example Chromebook which would be quite a bit more efficient) you would spend 91,700 hours watching a Youtube video to expend the same amount of energy.

Let’s convert that into days. That’s 3820.8333 days.

Let’s convert that into years. That is 10.468 years.

That is an awful lot of energy use for a simple financial transaction. How can we morally justify that?

Right now, Bitcoin alone uses the same amount of energy each year as the whole of Finland. That is a country of 5.53 million. I haven’t added every Crypto currency in, but if you did this figure is only getting worse.

In April of 2011, the price of one bitcoin was $1 – I use Dollar even though I’m British as its a good comparison. At time of writing, it’s now $62,973.30 so you can imagine that it’s pulling a lot of greedy people wanting to earn money fast.

How many Bitcoin miners are there?

Slushpool has about 200,000 miners. They have 12% of the network hashrate. Assuming all pools have similar numbers, there are likely to be over 1,000,000 unique individuals mining bitcoins.

Some of these have been found in recent times in abandoned buildings in the UK, bypassing the electric meters. Hundreds of Antminers all linked up, mining crypto. Literally just eating electricity for financial gain.

It is now known that Bitcoin alone has the ability to push the worlds average temperature by over 2 degrees celsious in the next 30 years.

It’s time to stop using Cryptocurrencies for the benefit of our world.

Please do not contact me for information on how to mine or trade Cryptocurrencies, as I am now out of this business.

 

 

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