Climate Change and the Bitcoin

Climate change is a growing problem for our beautiful world, this change is not attached to the particular region on earth, but everyone on earth must pay the price for such change, climate change mainly blame on human emissions of greenhouse gases and the result is the large scale shift in weather patterns, the global temperature has increased 2.1 Fahrenheit since 2018 (Auffhammer, 2018)

Climate change has a direct impact on our lives, health, infrastructure, transportation, and greatly impact the food supply, the situation of climate change is already worst if necessary steps not taken as early as possible then this lead to destroyed living conditions in our world, governments around the world specially developed countries understand the consequences of these changes, therefore, made some active attempts to struggle against climate change.

The number of developed countries focuses more on cutting down the greenhouse emission, these countries introduce laws and regulations about climate control, while less developed countries developed strategies to deal with difficult climate situations.

Power industry

Climate change deeply impacted the power industry, when climate change influence the earth temperature means the summer will be hotter and the winter will be colder and directly proportional to the use of energy, our humanity depends on fossil fuel to generate energy that will also lead to more damage to the climate again

The emissions of greenhouse house gasses like CO², which is generated mainly by the thermal power stations, therefore to mitigate greenhouse effects the emissions CO² must be reduced.

Thermal power station constitutes the major part in the production of greenhouse gases if this kind of power generation will be reduced to a normal level the emissions of greenhouse gases will be decreased.

Elon Musk

Last week Elon Musk announced that Bitcoin popularity increased the mining process and that will lead to generating more energy to encompass the total demand of energy usage and due to this Tesla suspend the use of Bitcoin for transactions, however, that is a big blow to the whole community of cryptocurrency lovers and holders, after this shocking news the number of cryptocurrencies suddenly plumate and show the signs of the big explosion across the entire crypto market.

Bitcoin

The current market value of Bitcoin is about $1 trillion and the companies like PayPal, Visa, and Square collectively invested billions of dollars in order to provide support for their users.

The logic behind Musk’s attempt is to reduce the competition among mining machines which is increasingly fierce and the energy consumption is higher, according to data since February 2021 BTC power consumption increased by more than 163%, from 265 TWh to 433 TWh.

It is also the fact that encryption technology created real benefits to our society, this technology is cheap, fast, and has great transparency, an encrypted technology system is equivalent to the automotive industry if they implemented the low-carbon and carbon-neutral solutions then why not the encryption technology adopts such frameworks.

Last month Crypto Climate Accord was launched with 40 participants, including Ripple, the World Economic Forum, and Energy Network Foundation, The main purpose of this accord is to make all blockchains 100% renewable energy by 2025.

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Source: https://medium.com/cryptocurrencies-ups-and-down/climate-change-and-the-bitcoin-1501fcdb95e7?source=rss——-8—————–cryptocurrency