Environmental Impact of Crypto
Dubai, UAE, 21st May 2024, The impact of emerging technologies on our planet has been scrutinized as the world increasingly focuses on sustainability and environmental responsibility. The blockchain industry has also come under this scrutiny as people have realized that many blockchain apps, products, and services might negatively impact the environment. Despite holding immense promise for revolutionizing various industries, blockchain’s environmental footprint is a cause for concern.
Notable Complications
The ever-expanding crypto industry presents concerns about its environmental impact. Bitcoin’s use of the proof-of-work (PoW) algorithm can result in staggering energy consumption due to the highly competitive nature of mining. As Bitcoin’s supply reaches closer to 94% and further, th...