The popularity of blockchain technology has been a matter of debate for a year. As much as the ease that these blockchain technologies provide to investors and traders, it also raises concerns about the impact that it leaves on the environment. The amount of electricity that the miners need to validate the transaction of the cryptocurrencies are insane. The use of coal and fuel for the same has increased over time and is creating a major impact on the environment. Offsetting the carbons is a way to reduce or mitigate the impact of carbon emissions but the experts do not agree with the same. The alternatives for the same need to be found before these impacts on the environment is visible to the people.
Environmental concerns cannot be avoided keeping in mind the way it is affecting climate
The issue of climate change has always been the priority for submits like COP26. Earlier, the countries with high industrial developments and pollution were considered as one of the top contributors of carbon emission or greenhouse gas. In contrary to those times, the effect of cryptocurrency mining is now considered as the priority for environmentalists.
Companies accepting these cryptocurrencies for the payment raised questions
Tesla, earlier this year, came up with the announcement of accepting one of these currencies for the method of payment. No sooner, the company keeping in mind the impact on environment decided to withdraw from the plan. Therefore, the impact that cryptocurrencies are creating on the environment needs better alternative than carbon ‘offset’.