A frightening CO2 balance
As the crypto network grows, so too does the concern around its environmental impact, and with good reason. According to a study from May 2018, the global energy demand for Bitcoin mining alone amounts to at least 2.55 gigawatts. The real problem, however, is how this electricity is generated: in fact, most of it comes from fossil fuels 🛢 and Chinese coal-fired power plants, resulting in extremely high CO2 emissions.
Improving the Grid
That being said, crypto mining environmental impact is 100% attached to the “green performance” (or lack thereof) of the global energy grid. That means improvements in solar, hydro, wind and other renewable power technologies ♻ have the potential to make mining much more climate-friendly in the future.
Staking your Coins
A different approach to the problem is using Proof-of-Stake types of network. A Proof-of-Stake consensus algorithm provides for mining opportunities in proportion to the amounts of tokens held by a user on the network 💰, therefore providing an environmentally-conscious alternative to the Proof-of-Work methodology popularized by Bitcoin.
Going One Step Further
On the other hand, azultec already starts with the crypto-miners itself: thanks to various technologies developed in-house, our Cube can convert the electricity required for operation and thus recover up to 72% of it. This energy can then, for example, be fed into the in-house heating system or stored. This makes the Cube probably the most efficient mining computer ⚡.
👉 What is your take on the environmental effects of crypto mining?
👉 Which solution do you think is the most likely to work?
Let us know in the comments.