Mining Will Cause an Environmental Disaster
Professor Jon Truby of the University of Qatar published a study entitled “Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies”, which described the harm to the environment from the crypto- and blockchain- industry.
In particular, he notes that due to the limited issue of bitcoin, the costs of its mining increase every year, which in turn requires more equipment that consumes a huge amount of electricity.
Jon Truby said that the processes associated with one bitcoin transaction can provide electricity to a British house for a month.
According to him, cryptocurrency is the future, therefore, the humanity must design such a model of mining, which will not take so much electricity and emit carbon dioxide into the atmosphere.
To remedy the situation, the professor proposes to introduce limitations on purchasing and importing mining equipment, as well as to create favorable business conditions and introduce financial rewards for the developers of “environmentally-friendly” blockchains.
He also offered to introduce taxation for operations with cryptocurrencies, the size of which will depend on the amount of energy consumed during transactions.
According to Jon Truby, the world needs to unite and start looking for solutions to this problem already now.
Previously it was reported that according to the research of analysts from Swiss financial holding Credit Suisse, the growth of the bitcoin mining industry will not provoke an environmental disaster, despite the active consumption of electricity.