By winning the spotlight after renewing its historical high several times, Bitcoin also ended up attracting staunch critics. Among them is an unexpected group: environmental activists. According to them, cryptocurrencies damage the environment by increasing energy demand and, consequently, generating large carbon emissions to maintain the network.
The Importante of Mining
In order to "mine" Bitcoin, computers - usually specialized - are connected to the cryptocurrency network. They have the function of checking the transactions made by people who send or receive Bitcoins. This process involves solving puzzles that, while not an integral part of checking currency movements, are an obstacle to ensuring that no one fraudulently edits the global record of all transactions. As a reward, miners receive small amounts of Bitcoin in what is often compared to a lottery.
Energy to supply Argentina
The main argument against Bitcoin and the mining system is centered on wasting energy. In fact, Bitcoin uses a frightening amount to keep its network safe and fluid, according to research, the value equals the same amount of energy needed to keep the country in Argentina.
A positive perspective
On the one hand, activists are not so wrong, but fail to realize that Bitcoin is not something superfluous, but an alternative system that turns out to be more efficient than the traditional banking system.
When we compare the two, we see that Bitcoin is almost 10 times more efficient than the financial system we are used to - and this is really interesting, as many industries consider traditional banks as one of the most sustainable sectors in terms of conscious consumption - therefore, we can conclude that Bitcoin is more sustainable and efficient than one of the most sustainable sectors there is.
Another important point is that recent research has provided data on the origin of the energy that sustains the Bitcoin network. According to the survey, more than 75% of the network is supported by renewable energy. In view of this fact, we realize that miners have a high interest and dedication in maintaining a sustainable environment and act in a way that benefits the world by directly or indirectly financing the sustainable energy market, stimulating research and development in the area.