Some critics of cryptocurrency have said that it’s widespread use will cause a negative impact on the environment.
– In the past months, cryptocurrency has gained ground as a reliable world changing technology.
– Bitcoin, like most cryptocurrencies, are decentralized, and are generated through “mining”
– Environmentalists argue that mining takes a lot of energy.
According to a CNN report, mining bitcoin or other cryptocurrencies requires a significantly large amount of energy. In fact, bitcoin has already used 32 terawatts of energy yearly.
In the United States alone, this amount of energy can power 3 million homes. Bitcoin mining uses a lot more energy than Visa, for example, which records billions of card transactions annually.
With the amount of energy Visa uses to ensure the operation of their card transactions, one can power 50,000 homes in the U.S. only. For bitcoin, the mathematical puzzles that computers need to solve to mine bitcoins gets harder and harder, so more and more energy is required.
Majority of the mining for bitcoin occurs in China.
Read the article written by Nathan Reiff at – www.investopedia.com