It even increases YOUR electricity bill.
Crypto miner’s daughter
We knew cryptocurrency mining uses a cubic ton of energy – but new surveys have revealed that the situation is actually worse than we thought.
As the New York Times reveals in a new in-depth look at the environmental and social impacts of crypto mining on the regions where these energy-intensive rigs live, most people who have to deal with the consequences of crypto have little to do with digital currency .
Part of the reason crypto mining has continued despite its impact on the environment stems from the convoluted way it uses energy.
To mine Bitcoin and other “proof-of-work” cryptocurrencies, miners must use tons of computing power to try and make money. The more miners on the blockchain, the more competitive the system, so large operations need tens of thousands of computers to keep pace, and with more computers in use, more fossil fuels are burned to power these centers.
Speak NYTAccording to analysis by , the national energy balance of crypto mining is, in essence, about as much as a second city in New York.
For those who live nearby, this means not only increased energy bills, but also poor economic development as these mines use computers rather than people to do their bidding.
These computers, the report notes, need an enormous amount of electricity to operate. In fact, the national amount of pollution from Bitcoin mining as a whole is 3.5 million cars.
Also: this NYT The report was dropped shortly after the nonprofit Environmental Task Force published its own paper summarizing this high energy toll.
“Once-dead coal-fired power plants coming back to life and spewing dangerous emissions, overheating trout being cut to pieces by utility water pipes, continuous low-frequency noise,” the EWG report notes, listing the many ways these facilities generate “air, climate, water and noise pollution.”
“Currently, the most efficient bitcoin mining computers release over 105 metric tons of carbon dioxide per bitcoin mined, but average emissions per bitcoin are easily double that,” the paper notes.
As the crypto industry continues to push back against these damning assessments, we find it hard to disagree with EWG’s position that crypto invariably contributes to the climate crisis — and it needs to be addressed quickly.
Learn more about crypto platforms: Space Force Major says countries should hold crypto-mining contests instead of going to war