Opinion: Bitcoin is killing the environment

[PRIBO247]

Last month, Boise State hosted Florida Atlantic University
economics professor William Luther for the Brandt
Foundation Lecture Series, hoping he would answer the
question “Is Bitcoin a bubble?”. Put short, the lecture was
informative—Luther covered the basics of Bitcoin,
blockchains and other aspects of Bitcoin that the general
public may not know. However, there was one piece of
discussion noticeably missing from Luther’s lecture: Bitcoin
is terrible for the environment, but nobody is talking about it
because of the financial ramifications. While this issue isn’t
Mr. Luther’s fault, the lecture itself is representative of an
increased focus on the other things we can gain from
developments in various industries, regardless of the
environmental cost.

When Bitcoin’s price skyrocketed from $1,000 to $17,000
near the end of 2017 , people began to take it much more
seriously. This mainstream appeal largely comes from
recognition that Bitcoin is solid from a financial standpoint.
Transactions don’t require a third party, making them more
secure; purchases made with Bitcoin aren’t tracked, making
them more secure than other forms of payment, and the list
goes on. Bitcoin has to be mined, meaning that in order to
“find” them, a computer has to use a complex algorithm to
solve math problems, and in exchange the user is awarded
with a certain amount of Bitcoin. This is all well and good,
except for the fact that the process of mining uses a ton of
electricity. According to Digiconomist’s Bitcoin Energy
Consumption Index, Bitcoin uses roughly 32 terawatts of
energy every year , which is enough energy to power three
million U.S. households. Ultimately, shifting our paradigm
away from climate oriented stances towards economically
advantageous frameworks is harmful to global issues.

The biggest reason nobody is taking action on the suddenly
popular cryptocurrency is due to its relatively
“inconsequential” impact on the environment. In the end, this
is the same excuse that’s been used by world leaders time
and again as a reason not to take action on climate change.
When President Trump withdrew the United States from the
Paris Climate Accords, he did so under the pretext of saving
the economy—declaring the environment inconsequential in
the face of potential financial benefits. This is most
problematic when we consider that climate change is the
biggest threat facing humanity, as carbon emissions have
quadrupled since 1950, indicative of a 1.5 parts per million
increase every single year since. Bitcoin may not increase
carbon emissions directly, but its impact on our electricity
use is astounding, and requires our accountability. If you’re
considering investing in Bitcoin, try investing in it outright
instead of mining. You can also consider using a company
called 4NEW , which uses waste from agriculture and
households across the country to power their cryptocurrency
mining. While it’s not a perfect solution, it does offer a
potential mechanism for easing the effects later on.
If you feel an undeniable need to invest in Bitcoin, however,
there are ways to mine for it that won’t kill the environment.
The Blockchain for Climate Foundation seeks to use the
same technology that decentralize and encrypt Bitcoin
transactions to connect the carbon accounts of international
actors. Using the Paris Climate Accords, Blockchain for
Climate seeks to unify each individual countries carbon goals
into one multilateral effort. The best way to prioritize the fight
against climate change is to support organizations and
causes that make real change using whatever means they
can.

Cryptocurrency is killing the environment, and in a time
where our highest levels of government refuse to prioritize
making change that will save the planet, it’s on us to make
the necessary changes. William Luther isn’t to blame for
these problems, but don’t let talks about finance and
economics let you stray too far from the real problems we
face.

Source : https://arbiteronline.com/opinion-bitcoin-is-killing-the-environment/