In the world of crypto money The massive collapse that took place began to put thousands of investors and companies in trouble. While triple-digit numbers are being deleted from billion-dollar cryptocurrency wallets, experts draw attention to a different point: Crypto crash, climate change may be promising to slow it down.
How does the loss of cryptocurrencies affect the climate crisis?
The largest cryptocurrencies bitcoin and Ethereum prices It has dropped over 55 percent in the last six months. This has led many, including the U.S. Secretary of the Treasury, to say that regulation is needed to “contain turmoil”. Regulations can also slow the climate crisis.
The pro-crypto president reacted with his decision!
One of the promises made by Yoon Suk-yeol, the new pro-crypto president of South Korea, faced a stumbling block.
As you know cryptocurrency mining It has received great criticism in recent years. Environmentalists, who say that the systems used by miners consume a lot of energy, believe that there is a negative contribution to the climate crisis.
According to the latest published reports Bitcoin, Ethereum and Dogecoin as proof-of-work Cryptocurrencies produced using the method consume about 300 terawatt-hours of electricity (and often fossil fuels) each year. The world’s largest cryptocurrency 114 million tons of carbon footprint leaving.
That’s the equivalent of nearly 380,000 space rockets, or the annual carbon footprint of the Czech Republic. In addition, most of the mines that produce Proof-of-work cryptocurrencies, coal-fired power stations he’s using his power.
But the declines in cryptocurrency prices show that with less production, more mining rewards (or cryptocurrency production) will be earned. In theory, this could mean less energy needs and less contribution to the climate crisis.
Is Bitcoin mining still profitable?
However, let’s not ignore some interesting things that don’t work out. For example, the hash rate (or carbon footprint) of the Bitcoin network is approximately 200 quintillion hashes reached its highest level ever.
BTC mining with this hash rate still a profitable business, but it is unclear how long the miners can hold out. With the collapse of cryptocurrencies, the advantages of mining began to wane.
So what do you think about Cryptocurrency and the climate crisis? Do not forget to share your views with us in the comments section.