Crypto mining has almost always received negative spotlight from governments. The eco-friendly side of crypto mining however, is usually overlooked.
Governments and mass media absolutely love to accuse cryptocurrencies of being paradise for money laundering. Usually, real estate, casino, drug and weapon traffic and betting websites aren’t accused by governments and mass media.
After all, these are a few of the governments’ most reliable and untaxable income streams. Crypto mining however, has almost always been associated with money laundering. As usual, the accusations cannot find any reliable proof and are usually switched to the environmental aspect of crypto mining.
The eco-friendly side of crypto mining has become the favorite scapegoat when the money laundering narrative is not working. This was also however, easily disproved.
Researchers from the University of Cambridge, recently developed the Cambridge Bitcoin Electricity Consumption Index (CBECI). Every is updated every 30 seconds and gives the closest possible estimate to the total electricity consumption of the bitcoin network.
Turns out that bitcoin mining is very eco-friendly
Data gathered from CBECI shows that bitcoin’s yearly electricity consumption is 58.93 TWh. It turns out that the electricity consumed by always-on but inactive home devices in the United States alone could be used to power the entire bitcoin network for… 4 straight years.
The green paper released by Chia Network, aims to describe how both proof of space and proof of time create the consensus algorithm for its blockchain.
Chia’s proposal is centered around “farming”, not mining in order to verify the blockchains that issue crypto. This replaces the proof of work (PoW) principle and replaces it with proof of space and proof of time.
That being said, crypto mining’s eco-friendly side can always strive to do more. Earlier this month, it was revealed that the emissions from bitcoin mining, can roughly be comparable to the entire Kansas City.
The annual CO2 emissions are estimated to be between 22 and 22.9 megatons putting bitcoin between Sri Lanka and Jordan. A study published earlier this year, revealed that renewable energy would still not be enough to solve the sustainability problem.
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