Can Bitcoin Be Environmentally Friendly
Satoshi Nakamoto created Bitcoin due to the 2008 financial crisis, which has risen to become one of the most traded cryptocurrencies. Many people view this virtual asset as the future of money that would help solve the disadvantages of dealing with traditional currencies. What’s more, this digital currency is not only a store of value but also a medium of exchange. However, other than mining, you can trade Bitcoin via an exchange like Bitcoin Code trading site
Nevertheless, other than trading, this digital money users can opt to start mining this virtual currency. Mining Bitcoin entails validating transactions, a process that creates new coins and requires a lot of electric power and expensive hardware.

There is no possible direct way to calculate what miners use while mining this virtual currency. However, this virtual currency is one of the most mined cryptocurrencies globally, whereby the Cambridge Bitcoin Electricity Consumption Index claims that this virtual currency has 85 Terawatt-hours (TWh) of electricity. Also, it has approximately 218 TWh of energy at the point of production.
Why Bitcoin Mining is Energy-Intensive
This virtual asset is a process of verifying transactions without the use and interference of intermediaries such as banks. Instead, this digital money has an underlying technology known as the blockchain that helps validate transactions. As a result, the network depends on the computational power of many mining machines, which is why the mining process requires a lot of energy. In addition, blockchain technology uses the proof of work consensus to validate transactions.
Is Bitcoin Environmental Friendly
Many people don’t consider Bitcoin environmentally friendly because it has intense energy requirements, generating a lot of environmental waste. As a result, this electronic money will not reductions energy footprint due to the verification process of Bitcoin transactions being too expensive. Even after mining Bitcoin and miners get their rewards, the network will still require a lot of energy to verify transactions. As a result, this digital money will never be environmentally friendly.
Is Bitcoin Rising its Carbon Footprint?
It is safe for these digital money miners to look for the cheapest source of energy and also one that is renewable. For instance, China decided to close down a lot of intensive Bitcoin mining farms. Consequently, miners from such places relocated to areas with a lot of renewable energy. And these virtual money miners opt to find sites with renewable energy and where power is cheap.
In addition, many of these digital currency miners relocated from China to the US after China made it hard for them to mine this digital money. Here in the US, they focus on looking for places with renewable energy sources.
However, this digital money is unique, with the largest market capitalization compared to other cryptocurrencies. Additionally, the proof of work system that causes environmental problems ensures that the network is safe and secure.
Nevertheless, this virtual currency consumes almost half the energy the gold and banking sectors consume individually. Also, this digital mining generates a lot of electronic waste as the mining hardware becomes discarded. As a result, this digital money mining generates around 38 thousand tons of electronic waste annually. Those Application Specific Integrated Circuit miners attest that mining hardware becomes useless fast.
The Bottom Line
Generally, this digital currency is not an environmentally friendly cryptocurrency. However, this virtual money offers the world many benefits, such as a hedge against inflation, fast and real-time transactions, less costly transactions, and ensuring permanent and transparent transactions.