Environmentalists Express Happiness In Bitcoin Is Losing Value Rapidly Due To Mining Energy Waste
Environmentalists Are Happy That Bitcoin Is Losing Value Rapidly
According to various media reports circulating over the internet, there are many environmentalists that are celebrating the current crypto bear market (in hopes that Bitcoin will eventually die a “slow and painful death”).
In regards to the matter, Ilana Strauss of TreeHugger was quoted as saying:
“Bitcoin is a colossal waste of energy and will soon be no more. Good riddance…We’ve known bitcoin was dropping for a while, but the nails are really going in the coffin now.”
Not only that, Strauss also went on to say that she had always hated the idea of a currency that was not based on a “physical asset” primarily because such entities hog up a lot of electricity.
She then elaborated on her stance by saying:
“In 2017, bitcoin mining took up more energy than 159 countries. 12 states in the US use less energy than bitcoin.”
Bitcoin Spells Doom For The Environment
In addition to Strauss, there are also other environmentalists that seem to be echoing her sentiments. For example, Jon Truby from the Centre for Law and Development at Qatar University, says that the energy required by Bitcoin has exacerbated the global greenhouse gas emission issue (as well as causing the environment a lot of harm).
Truby also stated:
“Digital currency mining is the first major industry developed from blockchain, because its transactions alone consume more electricity than entire nations. It needs to be directed towards sustainability if it is to realize its potential advantages.”
While people like Truby continue to claim that Bitcoin will ravage the planet completely, there are other researchers who have found that crypto mining has a far smaller environmental impact than legacy systems like gold and fiat currencies have previously had on the planet.
Not only that, it is also important to realize that with the growing power of blockchain tech, it appears as though Bitcoin is here to stay for good. And despite the various warnings from environmentalists, it is clear that this industry forging ahead in a big way.