Cryptocurrencies, which are expected to be the currency of the internet, continue to become popular rapidly. Such a spread causes the governments of the countries to carry out studies on these currencies. Of course, it should be noted that cryptocurrencies are thought to have as much harm as their benefits. One of them is the environmental effects.
The United States, one of the countries where cryptocurrencies are most common, last month approved a decree that made an investor happy. In addition, the country’s treasury minister also stated that he thinks cryptocurrencies are useful. But now the news has shown that congressmen in the country are concerned about the environmental impact of cryptocurrencies.
Members of Congress want more scrutiny of environmental impacts of cryptocurrencies
Bitcoin’s use of proof-of-work due to the high energy and processing power required It’s a subject that has been heavily criticized. According to the statements, this situation seriously increases the carbon footprint. Research shows that global Bitcoin mining consumes as much energy as Argentina in just one year. US officials, who stated that they were concerned about such environmental impacts, also called the country’s environmental protection agency.
The group of 23 members of Congress sent a letter to US Environmental Protection Agency (EPA) Administrator Michael Regan last Wednesday regarding cryptocurrency mining operations. In the statements, it was stated that the letter was sent to call for more scrutiny of the environmental effects of cryptocurrencies. “We have serious concerns that cryptocurrency facilities across the country are polluting communities and greatly contributing to greenhouse gas emissions,” officials wrote in their letter to the EPA. Congressmen also drew attention to the effect of the proof-of-work method, the noise pollution caused by crypto money facilities, and the need for more detailed inspection of these situations, and emphasized the existence of technologies such as proof-of-stake, which is based on digital asset ownership rather than processing power.
In short, the implications of cryptocurrencies for our planet, which is already struggling with climate change, are discussed. While such concerns persist, some experts state that concerns about these currencies are misguided. In fact, some published reports reveal that banking systems use much more (twice) energy than Bitcoin. You can share your thoughts on the subject in the comments.
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