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How Virtual Currency Mining Is Hurting the Environment - Science in the News

Datacenters used for cryptocurrency mining use a lot of energy.

By Amber Bennett

Although cryptocurrencies are virtual, they are having a tangible impact on our environment. Research shows that cryptocurrencies actually are worse for the earth than other types of money.

So, why is that? Simply put, it's because of the resources needed to run the supercomputers that mine Bitcoin and other virtual currencies. 

Energy Use

The datacenters used for mining use large amounts of electricity. For example, the global Bitcoin network uses more energy than entire countries. In fact, according to the University of Cambridge Bitcoin Electricity Consumption Index, the network's power demand is the same as more than 14 million typical American homes. Most of the energy used in the datacenters comes from fossil fuels instead of renewable resources. Plus, datacenters' high energy use can destabilize the electric grid.

Materials Mining

Another way that cryptocurrency impacts the environment is through the mining of silicon, aluminum, and other materials needed to create datacenter supercomputers. Datacenters frequently replace their computers with newer models to keep up with the competition. 

Unfortunately, the older models often are trashed instead of recycled. According to researchers, the Bitcoin network creates as much annual e-waste as the country of Luxembourg. This waste leads to air, ground, and water pollution from toxic chemicals and heavy metals. Another way datacenters frequently updating their supercomputers has an impact is by worsening the computer chip shortage. 

Changes on the Horizon

Not all cryptocurrencies use the energy-intensive proof-of-work system, as Bitcoin does. Another type of consensus mechanism is proof-of-stake, which replaces miners with validators, eliminating the need for datacenters. Due to the benefits of proof-of-stake, Ethereum is transitioning to the system this year.

If you want to learn more about the effects of crypto mining on the environment, check out this article. You also can learn more about Ethereum's switch to proof-of-stake here. 

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