According to Brennan Spellacy and Aaron Grunfeld, the biggest dilemma in crypto mining, which also includes Bitcoin, is the electricity consumption. In the collective opinion of both, this is a major problem which needs to be addressed quickly and expeditiously. In addition, mining has to be made environment friendly by excluding carbon from it, they said.
Three weeks ago, Bill Gates stated in his interview at New York Times that crypto mining involves consumption of insignificant amount of electricity. He went on to state that electricity consumed for executing single Bitcoin transaction is greater than any other source used to execute transaction.
Soon after the statements of Bill Gates, the issue of massive electricity consumption for crypto mining, has become more serious. Conversations and debates are taking place describing pros and cons of crypto mining. In addition, environmentalists have been advocating against the mining because it is certainly polluting the fresh air.
According to present day calculation, Bitcoin mining is consuming 0.5% of the electricity available globally.
A few days ago, in the Non-Fungible Tokens’ (NFTs) market sold an NFT for a sum of US$ 70 Million. A French artist noticed that electricity consumed by NFT was greater than what his entire studio normally consumes in two years’ time. He was shocked because he is also an environmentalist and stated that he wouldn’t never sale any of his products through NFTs.
Those who are not aware, would be surprised to learn that Bitcoin mining involves thousands of computers to log in together. During this time, they all have to be turned on which consumes huge amount of electricity. At the cost of huge electricity loss, one Bitcoin transaction is executed successfully at the cost of environment crisis.
Therefore, majority of people are appealing for devising ways and means to address this problem. They have been advocating that the problem should be adopted as top priority in order to mitigate environment crisis.
It is said that crypto industry too is serious about the problem and the matter is under consideration. However, it seems that the matter is under consideration for quite long and no commendable steps have been taken as yet. Yet the conversation regarding the usage of renewable energy instead of carbon producing energy sources, is very much active within crypto mining industry. Similarly, the industry is trying to find alternate solutions for availing low cost consumption of electricity without putting the environment in crisis.
Of course the solution has to come within the crypto industry because the matter effects them directly. In fact now there are methods which can reduce electricity cost and provide for environment friendly electricity. The solution lies if crypto mining industry too adopts innovation and implement it for environment’s sake.