All too often we read reports about how harmful Bitcoin is to the environment, when in fact there are a lot of positive changes that Bitcoin and blockchain also promises to bring to our eco-culture. Bitcoin mining is a very power intensive process, as is the mining of many other cryptocurrencies. The fact of the matter is that the way the blockchain has been produced, means that very complex computing calculations need to be carried out in order for transactions to take place. This, guarantees a solid layer of security within the blockchain and importantly removes the need for human intervention. However, this also means that great amounts of electrical energy are needed to power and cool the computers. Bitcoin mining requires such vast amounts of energy, that its carbon footprint is huge.
We should look at the bigger picture here, however, yes, there’s no denying that cryptocurrency mining is damaging, but we also have to remember that the mint of FIAT currencies is also a resource heavy process, one that uses natural materials and of course electricity to take place. We only need to look as plastic bank notes and plastic credit cards to see just how much resource actual FIAT money uses up. Hopefully in the future, we’ll see Bitcoin replace the need for this.
With Bitcoin, there is no longer a need for plastic notes or metal coins, or indeed plastic credit cards. Combined with other digital technologies such as the smart phone and NFC chips, the need for plastic in money will disappear. The use of plastic and metals may seem like the norm, but you shouldn’t forget that these materials have also been mined,