Crypto Mining Is Even Worse For The Environment Than We Thought

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It even increases YOUR electricity bill. Crypto Miner’s Daughter

We knew cryptocurrency mining uses a cubic ton of energy, but new surveys have revealed that the situation is actually worse than we thought.

As The New York Times reveals in a new in-depth look at the environmental and social impacts of crypto mining on the regions where these power-hungry rigs live, most people who have to deal with the consequences of crypto have nothing to do with digital. cash.

Part of the reason crypto mining has continued despite its impact on the environment stems from the convoluted way it uses energy.

To mine Bitcoin and other “proof-of-work” cryptocurrencies, miners must use tons of computing power to try and make money. The more miners on the blockchain, the more competitive the system, so large operations need tens of thousands of computers to keep pace, and with more computers in use, more fossil fuels are burned to power these centers.

Electric slide

According to NYT analysis, the national energy balance of crypto mining is, in essence, about as much as a second New York City.

For those who live nearby, this means not only increased energy bills, but also poor economic development as these mines use computers rather than people to do their bidding.

These computers, the report notes, need an enormous amount of electricity to operate. In fact, the nationwide amount of pollution from Bitcoin mining as a whole is equivalent to 3.5 million cars.

Plus: This NYT report was released shortly after the nonprofit Environmental Task Force published its own article summarizing this high energy toll.

“Once-dead coal-fired power plants coming back to life and spewing dangerous emissions, overheated trout chopped up by utility water pipes, continuous low-frequency noise,” the EWG report notes, listing the many ways in which these facilities generate “air, climate, water and noise pollution.”

“Currently, the most efficient bitcoin mining computers release over 105 metric tons of carbon dioxide per bitcoin mined, but average emissions per bitcoin are easily double that,” the paper notes.

As the crypto industry continues to push back against these damning assessments, we find it hard to disagree with EWG’s position that crypto invariably contributes to the climate crisis and needs to be addressed quickly.

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