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Of course, repurposing old real estate doesn’t automatically make the crypto industry environmentally friendly. In fact, it’s quite the opposite. More mining facilities means more energy usage, and crypto’s energy use is already quite high.
Not only is there the global environmental concern of cryptocurrency to think about, but there are also various local concerns. Power plants tend to exist in rural locations. As crypto firms take over these rural facilities, they’re putting new pressure on local communities that didn’t ask for the change and might not be up for the challenge. It could have a negative impact on an entire region’s sustainability goals, even if the area is keeping its carbon footprint down.
Ultimately, crypto miners are giving new life to out-of-use power plants, but do the benefits outweigh the costs to global and local communities alike?
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