{"id":188,"date":"2022-01-18T16:53:34","date_gmt":"2022-01-18T16:53:34","guid":{"rendered":"https:\/\/makeimpact.io\/site\/?p=188"},"modified":"2022-05-02T10:12:26","modified_gmt":"2022-05-02T10:12:26","slug":"cryptocurrency-and-the-environment","status":"publish","type":"post","link":"https:\/\/makeimpact.io\/site\/cryptocurrency-and-the-environment\/","title":{"rendered":"Cryptocurrency and the environment \ud83c\udf3f"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"188\" class=\"elementor elementor-188\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec461c6 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"ec461c6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eb5cdb1\" data-id=\"eb5cdb1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d4b85d elementor-widget elementor-widget-text-editor\" data-id=\"2d4b85d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 dir=\"ltr\">Why is cryptocurrency bad for the environment?\ud83e\udeb4<\/h1><p dir=\"ltr\"><iframe title=\"Cryptocurrencies\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/_dhW52N6rTs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p><p dir=\"ltr\">You might have heard lots of people talk about Crypto. \ud83d\udcf0 If the first thought that comes to your mind is the letters originated in Egypt, we are here to introduce you to what they are really talking about:\u00a0<em>Cryptocurrency<\/em>. \ud83d\udcb8\ud83c\udfc5<\/p><h2 dir=\"ltr\">How does it actually work? \ud83e\udd14<\/h2><p dir=\"ltr\">The first attempts at alternative electronic currencies started with the\u00a0<a href=\"https:\/\/leblogducoin.net\/est-il-possible-de-rendre-la-crypto-durable\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>beginning of the internet around 1998<\/u><\/a>. \ud83d\udd19 These early versions of cryptocurrencies failed for various reasons but mainly because the systems were\u00a0<em>centralized<\/em>\u00a0(e.g. run just by the government). \ud83e\udd74 This could have been avoided if the system had been\u00a0<em>decentralized<\/em>. In 2009 \u2013 a time when trust in banks was very fragile \u2013 Bitcoin was born as the first cryptocurrency, defined by its nature as a decentralized electronic currency. \ud83d\udcbb\ud83d\udcb0<\/p><p dir=\"ltr\"><em>Decentralized<\/em>\u00a0means that a network is not controlled by a single entity like just by the government. \ud83c\udfe2 Nowadays, most cryptocurrencies are decentralized and untouchable by governments. They also use a\u00a0<em>peer-to-peer system<\/em>. \ud83e\udd1d This system relies on the control of the payments by the users themselves, also called\u00a0<em>miners<\/em>, and by computer algorithms, the\u00a0<em>blockchain<\/em>. \u26cf\ud83e\udd16<\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198801\/giphy__11_.gif?ixlib=rails-0.3.0&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img fetchpriority=\"high\" decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198801\/giphy__11_.gif?ixlib=rails-0.3.0&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"What does cryptocurrency mean?\" width=\"350\" height=\"233\" data-asset-id=\"28198801\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198801\/giphy__11_.gif?ixlib=rails-0.3.0&amp;auto=format\" \/><\/a><\/p><p dir=\"ltr\">In a nutshell, the blockchain is like a\u00a0<em>public ledger<\/em>, a collection of financial accounts. \ud83c\udfe6 The transactions are arranged to be carried out chronologically. \ud83d\udd03 The blockchain consists of several blocks that each contains a certain number of transactions. These blocks are verified by miners before being added to the blockchain. \u26d3\u2611\ufe0f The purpose of these checks is to avoid d<em>ouble-spending<\/em>.\u00a0<em>Double-spending<\/em>\u00a0means using the same money to pay for two different transactions. \ud83e\uddfe\ud83d\udcb5 The ledger is public, but user data is encrypted to protect anonymity. \ud83d\udd12<\/p><p dir=\"ltr\">Thus, the &#8220;miners&#8221; must solve mathematical calculations, and the first one who succeeds validates the transaction and gets a transaction fee as remuneration. \ud83d\udd22<\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198931\/giphy__12_.gif?ixlib=rails-0.3.0&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198931\/giphy__12_.gif?ixlib=rails-0.3.0&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"How cryptocurrencies work\" width=\"560\" height=\"240\" data-asset-id=\"28198931\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198931\/giphy__12_.gif?ixlib=rails-0.3.0&amp;auto=format\" \/><\/a><\/p><h2 dir=\"ltr\">What does crypto mining mean for the environment? \ud83e\udd14<\/h2><p dir=\"ltr\">However, all these calculations demand many computers who must be working at all times, and, additionally, use energy-intensive cooling systems to cool the computers. \ud83d\ude14 Generally, these mining computers are grouped together in\u00a0<em>mining farms<\/em>. \ud83d\udcbb\u26cfThe level of CO2 emissions generated by mining practices depends amongst other things on the source of the electricity. \ud83d\udca5 To be more profitable, miners look for the cheapest electricity. \ud83e\udd72<\/p><p dir=\"ltr\">For example, during the rainy season in China, where about half of the world&#8217;s mining farms are concentrated, there is plenty of cheap electricity from hydroelectric dams. \ud83c\udf27 In some provinces, it is even sold\u00a0<a href=\"https:\/\/actufinance.fr\/actu\/minage-des-cryptomonnaies-le-recours-frequent-aux-energies-renouvelables-7037293.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>30-40% cheaper than the average electricity price<\/u><\/a>. \u26a1\ufe0f The concentration of miners in this area is, therefore, higher at these rainy times of the year. \ud83d\udcc8 In the dry season, when the cost of hydropower rises, miners will switch to coal-fired power, which is cheaper but more environmentally damaging. \ud83d\ude2d\ud83e\udd2c<\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198978\/giphy__13_.gif?ixlib=rails-0.3.0&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198978\/giphy__13_.gif?ixlib=rails-0.3.0&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"The impact of crypto mining on the environment\" width=\"300\" height=\"250\" data-asset-id=\"28198978\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28198978\/giphy__13_.gif?ixlib=rails-0.3.0&amp;auto=format\" \/><\/a><\/p><h3 dir=\"ltr\"><strong>Hmm\u2026are there solutions for this? \ud83e\udd28<\/strong><\/h3><p dir=\"ltr\">Some stakeholders who are conscious of their ecological impact (or who wish to reduce their electricity bills) bet on green energy. \ud83d\udc9a\ud83d\udd0c<\/p><p dir=\"ltr\">This is the intention of the\u00a0<a href=\"https:\/\/leblogducoin.net\/est-il-possible-de-rendre-la-crypto-durable\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u><em>Moonlight Project in Iceland<\/em><\/u><\/a>. \ud83c\uddee\ud83c\uddf8 The idea is to create a huge mining farm that relies solely on renewable energy. \ud83d\udca8\u2600\ufe0f Indeed, Iceland has the advantage of having hydroelectric and geothermal power stations, but also a cold climate, which means that the need for cooling infrastructure is reduced. \ud83e\udd76\u2744\ufe0f<\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199090\/giphy__14_.gif?ixlib=rails-0.3.0&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img loading=\"lazy\" decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199090\/giphy__14_.gif?ixlib=rails-0.3.0&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"Ecological impact\" width=\"380\" height=\"158\" data-asset-id=\"28199090\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199090\/giphy__14_.gif?ixlib=rails-0.3.0&amp;auto=format\" \/><\/a><\/p><p dir=\"ltr\">For this reason, several stakeholders have chosen to establish mining farms in Iceland. However, it is estimated that 4.5% of the country&#8217;s total energy consumption comes from cryptocurrency mining. \ud83d\ude2f This is equivalent to the electricity consumption of all Icelandic households combined, and the mining farms bring almost no economic or social value to the country, which makes it less attractive for the country. \ud83e\udd75<\/p><h3 dir=\"ltr\">Eco-friendly cryptocurrencies? \ud83d\ude01<\/h3><p dir=\"ltr\">There are<u>\u00a0<\/u><a href=\"https:\/\/greenfi.fr\/cryptomonnaies-au-service-de-lecologie\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>a few eco-friendly cryptocurrencies<\/u><\/a>. Sounds great? \ud83d\ude0d Well, unfortunately, they are not really intended to replace bitcoin and are not yet hugely developed. \ud83e\udd15 But since it still might be interesting for you to look into them, here are some of the most important ones:<\/p><p dir=\"ltr\"><em>Peercoin<\/em>\u00a0uses a system called &#8220;proof-of-stake&#8221; which avoids the centralization of calculations on a single computer by distributing the calculation among all the users of the currency. \ud83d\udcbe This technique aims to reduce the energy impact that the currency needs for its operation. \ud83d\udcc9\ud83d\udc4d<\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199140\/giphy__15_.gif?ixlib=rails-0.3.0&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img loading=\"lazy\" decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199140\/giphy__15_.gif?ixlib=rails-0.3.0&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"Eco-friendly cryptocurrencies\" width=\"480\" height=\"270\" data-asset-id=\"28199140\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199140\/giphy__15_.gif?ixlib=rails-0.3.0&amp;auto=format\" \/><\/a><\/p><p dir=\"ltr\"><em>SolarCoin<\/em>\u00a0uses blockchain technology to encourage the production of solar electricity. \ud83d\udd06\ud83d\udd0c<\/p><p dir=\"ltr\"><em>ECO coins<\/em>\u00a0are earned through\u00a0<em>sustainable actions<\/em>. Eating meat-free meals, switching to a green energy provider, or riding a bike to work can earn you so-called \u201cECOs\u201d which you can spend in their sustainable marketplace to buy ecological experiences, services, and goods. \u267b\ufe0f\ud83e\udd57\ud83e\uddf6 This is a new way to track, measure, and reward sustainability. In other words, you can now do good and get paid for it! \ud83e\udd29<\/p><p dir=\"ltr\">Also the second biggest cryptocurrency Ethereum just implemented a big update, not only did it reduce transaction fees but it switched from the Proof-of-Stake method to the Proof-of-Work concept, significantly\u00a0<a href=\"https:\/\/www.businesstoday.in\/crypto\/story\/ethereum-just-underwent-a-major-change-hence-the-25-jump-in-a-week-303906-2021-08-11\" target=\"_blank\" rel=\"noopener\"><u>reducing energy consumption by up to 99.5%<\/u><\/a>. \ud83d\udc40<\/p><p dir=\"ltr\">Now the concepts behind cryptocurrencies should not sound cryptic anymore! \u270d\ufe0f We hope you now have a better understanding and encourage you to read more on this topic. \ud83e\udd13 But till then <a href=\"https:\/\/makeimpact.io\/site\/get-the-app\/\">&#8211; be the movement &#8211; makeimpact! \u2764\ufe0f<\/a><\/p><p><a class=\"magnific fr-fic fr-dib lightbox-image-container\" href=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199245\/photo-1605792657660-596af9009e82.jpeg?ixlib=rails-0.3.0&amp;fm=jpg&amp;q=75&amp;auto=format\" data-effect=\"mfp-zoom-in\"><img loading=\"lazy\" decoding=\"async\" class=\"fr-fic fr-dib attachment aligncenter\" src=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199245\/photo-1605792657660-596af9009e82.jpeg?ixlib=rails-0.3.0&amp;fm=jpg&amp;q=75&amp;auto=format&amp;w=1400&amp;h=1400&amp;fit=max&amp;impolicy=ResizeCrop&amp;constraint=downsize&amp;aspect=fit\" alt=\"Cryptocurrencies environmental impact\" width=\"342\" height=\"248\" data-asset-id=\"28199245\" data-original-image=\"https:\/\/media1-production-mightynetworks.imgix.net\/asset\/28199245\/photo-1605792657660-596af9009e82.jpeg?ixlib=rails-0.3.0&amp;fm=jpg&amp;q=75&amp;auto=format\" \/><\/a><\/p><p dir=\"ltr\"><em><u>Disclaimer:<\/u><\/em><\/p><p dir=\"ltr\"><em>We are not financial advisors, and we do not claim any responsibility for the financial choices you may make on the basis of what you read in this blog. The content of the blog is of an informative nature and has an educational purpose. It is not to be regarded as either investment advice or recommendations, nor do we relate to the reader\u2019s private, financial situation. Any use of information is at your own risk. We encourage you to seek financial guidance if you do not understand the risks in the area. We are not responsible for any choices you may make, based on what you read on the m!Club or from our company page on LinkedIn \u2014 MakeImpact.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Why is cryptocurrency bad for the environment?\ud83e\udeb4 You might have heard lots of people talk about Crypto. \ud83d\udcf0 If the first thought that comes to your mind is the letters originated in Egypt, we are here to introduce you to what they are really talking about:\u00a0Cryptocurrency. \ud83d\udcb8\ud83c\udfc5 How does it actually work? \ud83e\udd14 The first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cryptocurrency and the environment \ud83c\udf3f - make!mpact<\/title>\n<meta name=\"description\" content=\"Did you know that cryptocurrency mining requires a lot of energy and is therefore very bad for the environment? 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