Impact of Crypto on Environment! Where are We Headed? – Analytics Insight

Impact of Crypto on Environment! Where are We Headed? – Analytics Insight

Impact of Crypto

Know-how Cryptocurrencies can go green

Cryptocurrencies have come a long way, gaining popularity and in terms of their adoption since 2003. These digital assets have gone through a long process of remodifying on their way to becoming a globally recognized asset class. But pros and cons exist too. Cryptocurrencies have also attracted a lot of criticism, from illegal activities to the recent impact of crypto on the environment through crypto mining.

Many of the critics say, that digital currencies have no advantage when compared to traditional currencies and blockchain technologies in the number of carbon emissions and climate change. But the strong proponents of cryptocurrencies have been refusing to accept such criticisms. They back their arguments with its advantages and statistical data that shows the increasing popularity of digital assets all over the world. However, the critics have a strong point to be considered regarding the impact of cryptocurrency on the environment by cryptocurrency mining.

Reports and Researches

Though the statistics on cryptocurrency mining are very few they play a great role as they can heavily contribute to the environmental impact of cryptocurrency. The mining of Bitcoin and Ethereum occupy as much as 95% of all digital mining as it can cost a large amount of energy consumption, this is done with the use of the Proof-of-Work consensus algorithm as the dominant form of cryptocurrency mining. Even with the information