Crypto Newsletter: Can Cryptocurrency Go Green?

People have mixed emotions about cryptocurrency.
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Some respond to them very enthusiastically others believe it is a strange concept that will never work. However, with the soaring value of Bitcoin, people started to think that this is a good opportunity to earn easy money. This way bitcoin gained mainstream and prove to be a legitimate digital currency.

There is one major problem with it though. Bitcoin mining (a process by which new coins are added to the network) is having a severe environmental impact. Hundreds of growing hardware combinations prove that Bitcoin mining is spending as much electricity as one smaller country. Since this is not the only problem our planet is facing, bitcoin mining is still among the 10 worst pollution reasons our planet is suffering from.

Also, when bitcoin started there weren’t any cryptocurrencies to compete with so that’s why it wasn’t a big deal back then. Now, there are hundreds of coins on the market and each has fantastic features and offers a lot of great possibilities. These coins try to be better and improve on the weaknesses of bitcoin but still, there aren’t any environmental concerns about them.

People hope that if bitcoin tries to generate green electricity, it will increase the demand for it even more. Until then, bitcoin’s power usage continues to grow. There are companies that are trying to develop a new cryptocurrency that will be all green and compete with bitcoin and eventually beat it. Some of these coins are EnergyCoin and SolarCoin. But until then, there isn’t a decent, firm idea or a solution on how we can prevent spending so much electricity and save our planet.