Why does Bitcoin pollute so much?

Cryptocurrencies are famously unhealthy for the setting… however is there a approach we will do higher?

A research titled “Revisiting Bitcoin’s Carbon Footprint” confirmed how Bitcoin could possibly be liable for 65.4 megatons of carbon emissions yearly, which is about the identical quantity as all the nation of Greece.

China’s crackdown on Bitcoin mining hasn’t totally made the dent in these numbers it was anticipated to, primarily because it was later discovered that mining in China never stopped. Simply put, no quantity of restriction will make a distinction. Bitcoin was created to withstand regulation and censorship, so even when a rustic banned mining, it wouldn’t cease people from constructing mining rigs of their properties.

High power consumption

The excessive power consumption of the mining course of is just not a flaw; it’s a characteristic. Bitcoin mining is the method of validating token transactions with out the intervention of third events. This validation course of makes use of giant quantities of power, utilizing the computational energy of 1000’s of mining machines.

This whole course of was potential with dwelling computer systems, however mining {hardware} has developed because the early 2000s, giving rise to Application-Specific Integrated Circuits, chips solely made for mining Bitcoin. These machines consistently run, inflicting huge quantities of consumption near the power utilized by international locations like the Netherlands or Chile.

Miners purchase the electrical energy they use, most frequently generated from fossil fuels. Burning these fuels emit greenhouse gases which heat the Earth’s local weather and trigger air pollution that harms human well being.

The challenge doesn’t finish there. Competition amongst miners drives up power use, and as Bitcoin’s worth climbs increased, that competitors will get fiercer.

As of May 2021, computer systems within the Bitcoin-mining community made 180 quintillion guesses per second, and every BTC token bought for $36,000 that month earlier than climbing to $57,000 in December 2021. With incentives like these, it’s no marvel that miners are consistently engaged on mining extra cryptocurrency.

Energy utilization – by the numbers

According to the University of Cambridge Electricity Consumption Index, by June 2022, the worldwide Bitcoin community wanted 14.34 gigawatts of electrical energy era, which is sufficient to energy almost 14.4 million American households. That is roughly 126 Terawatt-hours (TWh). If we take an average of 10.6 cents per kWh, it quantities to roughly $13.4 billion. In addition, power consumption for mining hit an all-time excessive on the finish of 2021, hitting over 200 terawatt-hours.

All this isn’t even accounting for the environmental injury attributable to these actions. At this level, we have to plant 284 million trees to offset the results of Bitcoin mining!

A Negative Impression

Blockchain know-how and cryptocurrencies supply new alternatives for all industries, from finance and banking to media, healthcare, leisure, and e-commerce. Unfortunately, nonetheless, these troubling statistics take the main focus away from its advantages and shine a highlight on how dangerous they’re to the setting, and rightfully so.

As a consequence, a lot of the general public is hesitant to undertake Web 3.0 and its elements.

With the unhealthy press cryptocurrencies obtain, good initiatives that make a real effort to mine sustainably get drowned within the noise earlier than they’ve an opportunity. Several revolutionary initiatives like Cardano (created by Ethereum co-founder), whose Proof-of-Stake mannequin eliminates mining, and Ripple, which might be carbon-neutral by 2030, are developing in response to the results of Bitcoin mining.

Among these initiatives is Megatech (MGT), a South-African-based agency that ensures sustainability via blockchain know-how.

A brand new outlook

Megatech is the world’s reply to the power downside, implementing the last word inexperienced sustainable power know-how.

There is a excessive demand for inexperienced electrical energy provide worldwide, particularly in Africa. MGT combines state-of-the-art photo voltaic power know-how, revolutionary storage know-how, and a dynamic funding mannequin to make sure excessive income and low turnaround occasions.

All token holders profit from monetary returns on photo voltaic crops owned by Megatech. The first plant, Project Beta, is a 60MW photo voltaic farm that can embody a 100MWh of know-how with the chance for customers to promote inexperienced renewable power at peak charges to blue-chip listed entities which have already signed on with Megatech.

In addition, 40% of all monetary features from this venture and all future initiatives within the pipeline will vest within the MGT Solar (PTY) LTD. firm that’s managed independently by fiduciary administrators on behalf of token holders who take part within the efficiency staking program.

Megatech can be in partnership with varied firms within the renewable power sector and has contracted one of many main EPC technical groups in Africa to hold out their imaginative and prescient. Their initiative is 100% compliant with ESKOM (National Energy Commission).

A greater tomorrow

Climate change is not an issue of the longer term; it’s right here. Still, it isn’t too late to handle these issues and transfer in the direction of sustainable power whereas sustaining our lifestyle and bringing the limitless alternatives and advantages of blockchain know-how and mining to people and companies worldwide.

Megatech’s imaginative and prescient to turn out to be the primary blockchain know-how firm solely comes second to its ardour for sustainability and enchancment. If within the strategy of fixing one of many largest issues that plague our planet, they’ll empower customers to earn crypto, that’s simply icing on the cake.