Since 2009, cryptocurrency has shown its climactic growth. Especially after bitcoin launch, we witnessed the blooming of digital payment services. Cryptocurrency attracted investors for its convenience and profitability.
But everything has a downside, and crypto is no exception. Frauds and scams maybe the most common issues of this currency. But other than that, we have faced a bigger problem due to the development of crypto, environmental harming.
According to environmentalists, crypto is energy-intensive and is currently mined by thousands of high-powered computers in the world. We all know how Crypto tokens change the economics of banking, finance, gaming, shopping, entertainment, and even human interactions. But we should also concern about the carbon footprint left after mining bitcoin and other non-eco-friendly cryptos.
Reports showed that in 2020 only, blockchain technology consumed more power than 159 nations combined, which had impacted seriously the environment, especially while we are facing the biggest climate-change crisis ever. By the meteoric rising of the crypto market this year, when demands for this currency are on the peak, to meet those giant needs, minings for crypto have also risen. Where a single bitcoin sold for less than a penny is now sold for more than US $50,000. Experts estimated around 200,000 bitcoins transactions take place every day. This number has vastly affected our environment.
With all the harm of crypto to the environment, finding an alternative is necessary. That’s when the idea of green cryptocurrencies came up.
Due to the mounting over the levels of energy used in the mining cryptocurrencies, as a replacing method, green crypto is now mined with solar power and other green energy sources. After several years of research and adoption, 2021 witnessed a massive blow-up of green cryptocurrencies. Numerous commercial services for powering crypto mining on server farms that only use clean and renewable energy.
Market analysts believe that with more sustainable, eco-friendly, as well as big changes in the practices of the existing currencies, traditional digital currencies will be converted to green digital currencies in the near future.
We all don’t know if green crypto could be the future of digital currencies or not, but we all know that there is only one planet for us to live on, so it’s our duty to protect it.