If anything were responsible for raising the global temperature of the world above the tolerable threshold of 2 degree Celsius, it would be no other than the king of cryptocurrency; Bitcoin energy consumption, according to a recent report by Forbes.
Citing a list of articles detailing a recent search that was conducted to evaluate the consequential emissions of Bitcoin mining activities, the major news outlet revealed an interesting result that listed the crypto coin as the pseudo-culprit leading the rate of carbon dioxide emissions despite its low adoption across the world.
The energy required for processing Bitcoin transactions and cryptocurrency related activities is exceptionally high, which is a reasonable price to pay for the intensive security it provides for its anonymous method of transaction. However, the prospect of Bitcoin and other altcoins becoming responsible for global warming seems excessive and is an issue that has to be taken care of as soon as possible. While there is an imminent need for a recourse, Forbes study shows more than 60% of the global stage would still be depending on coal and gas, the current major proponents of CO2 emissions, by 2040.
While one could be tempted to point to the slow development and attention paid to eradicating the current conventional provision of energy, the published paper argues that the onus of resolving the issue rests majorly on Bitcoin. That the world has not found a consistent solution to mainstream renewable energy cannot be helped right now, and Bitcoin might just be the best to solve its own environmental consequences.
Mora from EurakaAlert portends that mainstream adoption of Bitcoin might be unfortunately devastating environmentally-wise, considering the effect its small technological cluster is already having.
“We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it,” she said.
While research and result concerning mining activities could be overblown sometimes due to most major mining industries keeping the majority of their operations private, there is surely a cause for concern, and Bitcoin must find a way to cater to its electricity demands, in the greenest way possible.