The negative effect of cryptocurrency mining on the environment has long been a bone of contention for pro and anti-crypto lobbies. A big part of the argument against crypto relies on its harmful effects on the environment. The key player here is the process called cryptocurrency mining. In proof of work (PoW) blockchains, a transaction is validated through a process called mining. This process consumes a significant amount of energy since it requires powerful computers to solve complex mathematical problems. Many countries do not let miners use domestic power supply for mining purposes. When China banned cryptocurrency, it cited the harmful environmental impact as a key reason.
In the recent Climate Change Conference (COP-26) hosted by the United Nations, the harmful impacts of Bitcoin mining were one of the major issues discussed. As a part of COP-26, the government of the U.K surveyed more than 3000 adults to see where they are in support of banning crypto for environmental reasons. The results paint an interesting yet complex picture.
Out of those surveyed, 45% were in favor of banning crypto for its negative impact on the environment. However, there is a catch. Most of these people also believe that a ban would not help battle climate change. The survey also showed that young adults are more inclined towards a ban. On the other hand, more men than women felt that a ban would not be effective in dealing with climate change. The survey added an interesting angle to COP-26 and was a part of many discussions.