Over the years, crypto mining has negatively impacted the ecosystem, so much so that Bitcoin raised concerns but no action’s taking place — at least to stop the damaging activity. Crypto mining birthed the Lightning Network and other crypto innovations.
Think about it: Bitcoin wants the environmental impact of crypto mining managed and mitigated. How will the crypto coin survive the game? How will it work?
Paolo Natali, Rocky Mountain Institute Climate Intelligence Program’s principal, said the popular digital coin is nursing a “carbon-intensity problem”. This sentiment is shared by many as we continue to learn about the harmful impact of the crypto mining process.
Elon Musk criticizes cryptocurrency mining
Many today care more about the environment and are ready to support eco-friendly projects. Elon Musk is one of them. That’s why he recently criticized crypto mining via his Twitter page. This, of course, poses a threat to Bitcoin and other crypto coins.
Elon, in his tweet, hails cryptocurrency as an attractive idea but also condemns Bitcoin mining for causing significant harm to the environment.
Elon’s sentiments not only hold much weight in the crypto industry, but also directly impacts crypto coins (look at Dogecoin). Admit it: Elon Musk has the power to massively influence millennials on what to invest in and when.
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New York to halt Bitcoin mining
Perhaps predicting things may heat up (or hit the fan), most bitcoin mining companies are now shifting to energy-friendly practices — and for a good reason. Recently, New York said they want to impose a ban on the use of fossil fuel when mining Bitcoin.
As Bitcoin prices continue to soar, more Bitcoin mining is taking place and consuming far more energy than we can imagine.
Environmentalists are now raising concerns of an impending global warming crisis, thanks to the high use of electricity when mining Bitcoin. Cardano is teaming up with independent companies to address the environmental impact of crypto mining.
Even as more bitcoin miners try to make giant leaps in effectively mitigating crypto mining damages to the ecosystem, they should know these efforts take time and development as the landscape grows.
China recently clamped down on the use of Bitcoin and its mining activities. Bitcoin miners are hoping other countries won’t take similar steps as time goes by.
Meanwhile, some states in the U.S. are looking to take advantage of the economic potential of bitcoin mining. Georgia, for example, has enough natural gas and nuclear energy to foster mining. Kentucky recently offered tax breaks to attract bitcoin miners. Texas, on the other hand, offers cheap electricity and boasts crypto-friendly laws.