Cryptocurrency Mining: Consequences on Climate and Environment in the Future

Cryptocurrency mining can emit drastic carbon dioxide to affect climate and the environment

Even though there is a huge demand for cryptocurrencies like Bitcoin, Ethereum, and many more from crypto investors, one may think about potential consequences on climate and environment in the nearby future. There are impacts of cryptocurrency mining on climate across the world. Let's get to know about the consequences of cryptocurrency mining on climate and the environment.

Cryptocurrency mining is gaining a negative image in the cryptocurrency market due to its role as a heavy greenhouse gas emitter. Cryptocurrency mining affects the climate and environment through the air as well as water pollution. Proof-of-work cryptocurrency mining has severe consequences on climate and the environment with the use of supercomputers. Supercomputers are popular for creating more cryptocurrencies that consume high energy with significant amounts of computational power. The computational power emits drastic amounts of carbon emissions that are dangerous for the climate and the environment.

There are severe impacts of cryptocurrency mining on climate such as environmental concerns, public health concerns, as well as the release of toxic chemicals into the air. It leads to threatens air quality and gives rise to certain cardiovascular and respiratory diseases in the nearby communities.

One of the top consequences of crypto mining is a large amount of e-waste in the environment. E-waste can be very harmful to the local water bodies due to over-heating of water and water usage due to cryptocurrency mining. Physical electronic waste includes computers, ASIC rigs, graphic cards, and many more.

Bitcoin is one of the most popular cryptocurrencies for crypto mining and it needs around 122.87 Terawatt-hours of electricity per year. Sometimes the energy consumption is more than in some of the countries like Argentina or the Netherlands. Meanwhile, Ethereum uses around 99.6 Terawatt-hours of electricity that is more than Belgium and many other countries. Bitcoin is known for generating 96 million tons of carbon dioxide in the air per year whereas Ethereum produces over 47 million tons per year— causing serious consequences of crypto mining.

Thus, developers are looking for alternate options to reduce carbon dioxide emissions and eliminate the potential consequences of cryptocurrencies on climate and the environment.