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Environmental Impact of Cryptocurrency - Coggle Diagram
Environmental Impact of Cryptocurrency
How does it work
Heavy computing power
High energy draw
Large "mining" rigs
More power = more money for miners
Entices even worse practices for the environment
Math problem computers work hard to solve
What makes it "bad"?
Computation = energy
Energy cost for a transaction often more than the transaction itself
Most energy comes from non-sustainable sources
Annual energy consumption = entire energy usage for the Phillipenes
People think of it as an opportunity for "free money" when they're really just exchanging electricity for money
Why do people use crypto then?
Discrete
Cannot be traced
EXTREMELY safe
State of the art web platforms can be built on it
$ making opportunity
NFTs - investment opportunities
Adds nothing inherently valuable to the world
Some aspects cut down consumption of physical goods in return for consumption of energy
Better options?
Different platforms
Regulations on "mining"
Research into reducing cost of storing renewable energy
Make crypto legal tender - increase speed of research in how to make it better
Develop new forms