Bitcoin mining really does consume insane amounts of electricity. This is threatening our planet and it is reversing all the efforts made for decreasing down the greenhouse gas emissions.
The director of Centre for Law and Development at Qatar University, Dr. Jon Truby, says that bitcoin was designed without even considering the environmental impacts. He is fighting to find solutions that will prevent similar technologies such as this harmful one from showing up. Truby makes clear that cryptocurrencies, especially bitcoin are here to stay and can’t be erased from the face of the earth and this is why it’s important to adapt this new technology and the following ones that will likely emerge, to implement environmentally friendly designs and mechanisms.
It is likely that the problem will only get worse. If the price of bitcoin goes higher, miners will be motivated to mine more and thus other cryptocurrencies will show up with the similar models in order to earn money. This is why future models must work on a new design without relying on energy consumption. According to Dr. Truby, regulation is needed in order to prevent future developments on platforms such as this one and he also suggests that governments should fund, give grants or stimulate business to create cryptocurrencies or other blockchain projects that will be eco-friendly. Also, another idea is to tax bitcoin mining.
However, if regulation is not implemented globally, this will have a negative effect on people who are mining because the jurisdiction would be hostile to them so they will only do underground mining. Besides regulation, a regulation on the price of electricity or increasing it could also be a huge factor in determining whether miners should continue mining if it won’t pay off.
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