Crypto mining has been an environmental issue that can’t be over looked; world governments have tried to put a lid on it, but still have an uphill battle as the popularity of crypto grows.
Will crypto mining be able to last, if the technology still impacts the earth on high levels and adoption doesn’t increase appropriately? Or will it mold with the time and adapt with the land before governments continue to attack cryptocurrency.
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Crypto War With Mining …
China has been in the forefront of crypto bans, and the war between the two parties only grows and gets more harsh. China slapped a ban on Bitcoin (BTC) mining, trading and crypto services; the Chinese government’s given reason for the Bitcoin crackdown is to reduce its well-documented climate impact. Speculation exists on other countries that could follow suit, such as Turkey and India.
The problem with crypto mining is the carbon footprint it leaves on this planet and how it is impacting the natural resources we have left. Currently, less than one-third of global electric power is sourced from renewables. If this share went fully toward cryptocurrency mining, perhaps it could lend it a semblance of sustainability, but it would be little more than a fig leaf.
BTC: BTC is currently the largest crypto. | BTC-USD on TradingView.com
Grabbing At The Gold…
After China’s ban, it didn’t take long for the US to become one of the leaders in crypto mining; with Russia and many others seeming to follow, this could stem from each countries hunger to become the world leader and first on the crypto train. The United States sprung at the opportunity created by the Chinese ban to become the world’s new mining hub. In Asia, Kazakhstan and Malaysia are ramping up mining operations, as are Germany and Ireland in Europe, and Iran in the Middle East, according to recent stats.
The effort to keep crypto mining chugging along is making for some very strange geopolitical bedfellows. Bitcoin was revolutionary when it came out in 2008. It paved the way to a new digital economy. Proof-of-work was a revelation in terms of decentralization and security, but its lack of efficiency presented us with a ticking time bomb.
Finding a way to switch out the source and technology used to mine will help it stay alive; we are watching and prolonging a demise that has been heaping for a while, due to how aware and big climate change is and the popularity and growth of crypto. Yes, the United States is going hard at being aggressive in this space, but how long and when will they stop using coins like Bitcoin and look into more energy-friendly projects?
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