New study reveals harmful side effect of cryptocurrency boom: 'Comparable to that of several major countries'

Mining cryptocurrency is a major carbon polluter.

What's happening?

Cryptocurrency seems to only be growing in popularity, with around 28% of American adults owning some form of this digital money, according to Security.org. However, it is extremely energy-intensive to mine cryptocurrency, and new research in the Sustainable Futures journal highlights just how much of an impact it can have on the planet.

The study found that cryptocurrency mining created the most carbon pollution in the U.S., China, and Russia, and the least in Germany, Ireland, and Malaysia. This is largely because the electricity grid in the lowest-polluting countries uses a higher percentage of renewable energy sources.

Why is cryptocurrency mining a concern?

If we were to switch to clean energy sources, the negative impact of mining cryptocurrency would fall dramatically. However, currently, the energy intensity of this process is using up a lot of resources and relying on energy that pollutes the planet.

Crypto "mines" are giant warehouses filled with thousands of computers, using upwards of 2,600 megawatts of power.

One study revealed that "the Bitcoin mining network alone has consumed electricity comparable to that of several major countries worldwide."

Noise pollution from the fans cooling these warehouses has a severe impact on people living nearby, such as causing permanent hearing loss, keeping local residents awake throughout the night, and even lowering their property value.

What's being done about the impact of cryptocurrency?

The study in the Sustainable Futures journal concluded by stating, "This research underscores the urgent need for sustainable practices in cryptocurrency mining to mitigate its environmental effects."

Some cryptocurrency miners are looking toward cleaner energy sources, such as hydropower. The cleaner the energy grid becomes, the less harmful mining cryptocurrency will be to the planet.

However, as it stands, cryptocurrency uses a significant amount of energy, and steering clear is probably the choice that causes the least damage. If you do invest in it, perhaps have a look at which companies are trying to reduce their environmental impact so you can make the kindest choice for the planet.

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