AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Many environmentalists and researchers have raised concerns over the environmental impact of cryptocurrency mining.
- Several businesses are opting for renewable sources for powering cryptocurrency mining as it consumes a significant quantity of fuels.
- A company in the UK has come up with a unique way of reducing the environmental impact by using cow manure for producing electricity.
The cryptocurrency space has evolved significantly since its inception despite being considered an investment tool with a hazy future. The cryptocurrency market has seen staggering growth recently, along with an increased number of users worldwide.
While a lot is discussed how cryptocurrencies have changed people’s fortunes globally, less attention is paid to these digital currencies' possible environmental impacts.
MUST READ: Bitcoin & Its Reckless Power Consumption Is A Threat To The Climate
Raising an alarm
Cryptocurrency mining requires large amounts of energy as this further requires large computations to be executed. Environmentalists and experts across the world have raised alarms over the energy consumption of cryptocurrency mining that may further trigger carbon emissions as well as climate change.
Undeniably, cryptocurrencies have their own advantages versus centralised currencies. Therefore, neither continuing to mine crypto at the cost of the environment nor completely stopping trading cryptos seem to justify the argument.
DO READ: Elon Musk Calls for Renewable Energy Audits by Bitcoin Miners
Copyright © 2021 Kalkine Media
Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk had announced that the Company would accept Bitcoin for selling its vehicles. However, this decision met with an outcry from some environmentalists as well as investors, and later Elon Musk back-pedalled this decision citing climate change concerns.
Image source: Seksan.TH, Shutterstock.com
INTERESTING READ: Will environmental concerns pave the way for Bitcoin to get greener?
Cow poo to counter the environmental impact
A business from Bury, an English town, might have just solved Elon Musk’s environmental concerns over the mining of cryptocurrencies. Bury, Manchester-based Easy Crypto Hunter (ECH) has invented crypto mining machines that can run on cow manure and help to reduce the environmental impact significantly.
According to media reports, a process known as anaerobic digestion uses methane produced through decomposing cow manure and turns it into electricity through a large six-cylinder engine operating at 500rpm.
The microbes further convert the manure and generate methane amid the lack of oxygen. This methane can be burnt to generate heat and electricity, which would have otherwise acted as a potent greenhouse gas upon entering the atmosphere. The residual product can be utilized as a fertilizer.
The reports further mention that nearly two-thirds of the electricity generated through the anaerobic digester helps power the farm and the caravan park while the remaining powers mining rigs and specialist computers.
GOOD READ: Will China’s Crackdown On Bitcoin Mining Start An Exodus?
As the need of the hour is to curb any further threats to the environment, Easy Crypto’s mining machine is aimed at helping farmers tap into their on-site renewable energy.
Easy Crypto engages in developing the most powerful and premium mining hardware accessible on the market, allowing substantial power and flexibility in cryptocurrency mining.
Moreover, ECH is committed to reviving the renewable energy sector, and its renewable model delivers pence per kWh earnings multiple times.
While the fascinating nature of cryptos is triggering the appetite for crypto miners, the world needs more environmentally friendly ways of crypto mining. However, some cryptocurrencies do not use mining and do not have material environmental impacts.
ALSO READ: Bitcoin As Legal Tender: El Salvador First Nation To Back Cryptocurrency
