COP26
THE BITCOIN HAZARD By Roxy Costello-Ross
With cryptocurrencies such as Bitcoin becoming increasingly popular in recent years for their ease, ingenuity and potential for making profits, even replacing more traditional money management methods for some, one question is yet to be answered: are the benefits of Bitcoin worth its bad effects on the environment?
Cryptocurrency is created by code and works in many cases by awarding coins to computers that add transactions to the blockchain, also known as mining. The process of mining, however, generates significant quantities of electronic waste, and while not every cryptocurrency uses this method, enough of them do for it to be considered a new environmental issue. Mining also tends to become less efficient as the price of cryptocurrency increases, meaning the network will consume more computing power and energy to process the same number of transactions - a major concern for environmentalists. According to researchers at the University of Cambridge, 65% of
❛❛ Printing money may
just be more sustainable ❜❜
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