The Bitcoin via the mining is pushing companies to invest in large premises that house servers with graphics cards that will undermine the currency. It involves solving mathematical equations to create hashes and finally virtual currency. These servers increase electricity consumption in the countries, while the world is in the midst of an environmental crisis. By tolerating the money, countries around the world are sending the wrong signal to individuals, as well as to the companies.
This poses a big ethical problem.
It is estimated that the world’s bitcoin mining electricity consumption is 29 TWh, more than 159 countries combined. That’s 0.13% of the planet’s electricity needs. The cost would be US $1.5 billion a year. Most of the electricity produced in the world is produced by coal-fired power plants.
The other currencies, with a staggering number of 1,325, would produce at least as much electricity consumption.
Holders should at least be encouraged to invest in green energies to offset the damage.
With the Eldorado of cryptocurrency mining, this phenomenon can only grow. It will take one or two decades before the UN wakes up and proposes to the countries to regulate the activity, to constitute a clear regulation.