How cryptocurrencies fail spectacularly to wipe themselves out
“Imagine if leaving your car idling 24/7 made Sudokus solve the problem, you could trade it for heroin.” That’s how one Twitter user described it production, trading, and utility of Bitcoin and other cryptocurrencies in 2018. While that’s an exaggeration, that description isn’t entirely fanciful — cryptocurrencies require large amounts of energy. to be produced and used. Bitcoin has an annual carbon footprint comparable to that of the Czech Republic while producing as much e-waste annually as the Netherlands.
Those numbers haven’t stopped many crypto enthusiasts from arguing that this is a single solution to all of the world’s energy problems. “Bitcoin mining solves several climate problems, while creating a more profitable model,” said crypto enthusiast Anthony Pompliano Written End of August.
Many developers say they are working on cryptocurrencies that are supposed to encourage eco-friendly practices and even tokenize a carbon offset. While these solutions sound appealing on the surface, it is not clear to climate and environmental policy experts that they will have much of an impact in mitigating climate change and changing habits. use our energy. While some of these projects are driven by technologists with good intentions, these quick fixes and green cleaning proposals are unlikely to bring us closer to a world no emissions.
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https://www.thedailybeast.com/how-cryptocurrencies-are-failing-spectacularly-to-greenwash-themselves?source=articles&via=rss How cryptocurrencies fail spectacularly to wipe themselves out