Bitcoin minings impact on Environment gets worse

Cryptocurrency has been emerging as one of the popular methods of digital payment in recent times. Last year American Electric Vehicle giant Tesla announced that it has started accepting Bitcoin as a payment method to purchase their EVs. Other than a digital payment method it has also become an investment option to get better returns on your investments. Investors’ investments have increased exponentially. However, the use of cryptocurrencies such as Bitcoin, Ethereum, etc is not as good as it seems like. Bitcoin Mining severely impacts the environment in a negative way. In a bid to curb these impacts on the Environment, China imposed a ban on Bitcoin mining. However, according to a recent study, despite China’s ban on Crypto Mining and the claims of an increase in the use of green energy to mine cryptocurrencies, their carbon footprint has alarmingly increased. This study was published in the journal Joule. The report says Bitcoin Mining has become “less green than ever before.” This study has raised questions on the claims and arguments given by crypto miners and industries that they have reduced the carbon footprint caused by the mining of cryptocurrencies. Last year, Bitcoin Mining Council, a global organization of Bitcoin miners said 56% of mining is done using Green energy.