Modern technological advancements have brought about numerous changes and changes in society. Cryptocurrency is one of the new technologies introduced. David Chaum introduced the idea and creation of the first cryptocurrency. Cryptocurrency is a digital currency, a medium of transaction and s store. The records of cryptocurrency are stored in a blockchain. The records of cryptocurrency data are stored in one server or computer. Cryptocurrency has no central governing authority like a bank or the government. Bitcoin and Ethereum are the most popular cryptocurrencies. Cryptocurrency presents its advantages and disadvantages. This essay compares and contrasts John Bogna and Nathan Reiffs articles concerning the environmental impacts of digital currency mining.
John Bogna. What is the environmental impact of cryptocurrency?
John Bogna acknowledges digital currency mining is one of the most energy-intensive activities of the modern world. According to Bogna, digital currency mining involves creating and getting hold of new digital coins, which is energy-intensive. Bogna presents Bitcoin as an example of a digital currency that mining its coins is increasingly energy-intensive. With fewer units of Bitcoin remaining, more people are becoming more invested in mining the digital currency, which becomes much harder and consumes more energy. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin digital currency mining consumes more energy annually than entire nations. The primary concern about the energy-intensive process of digital mining currency is the carbon footprint of energy production. In most cases, the energy used to run digital currency mining facilities comes from coal, crude oil, and natural gas. The energy-intensive process of mining digital currency means that more coal and crude oil have to be burned to facilitate the process. The said factor goes against the goals of mitigating climate change. Bogna offers several solutions to address the said challenges. According to Bogna, digital currency miners can opt to use other alternative methods of digital currency mining like proof-of-stake. The specific method used to mine Bitcoin is more energy-intensive than other alternative options. The said method is known as proof-of-work. The second solution is to adopt other sustainable and environmentally friendly energy sources like solar, wind, and tidal currents.
Nathan Reiff. Whats the environmental impact of cryptocurrency.
Nathan Reiff acknowledges that digital currency mining is an energy-intensive process. Reiff argues that the cause of the energy-intensive process is the methods used to mine new digital keys. Reiff highlights Bitcoin as an example of digital currency whose extracting new coins is very energy-intensive. Reiff quotes the Cambridge Bitcoin Electricity Consumption Index report, which stated that the most prominent digital currency mining network consumes an average of one hundred and twenty-two terawatt-hours of electric energy. The said facility consumes more power than The United Arab Emirates, Argentina, and the Netherlands. The Cambridge Bitcoin Electricity Consumption Index also suggested that creating a single Bitcoin blockchain consumes two thousand kilowatt-hours of electric energy. According to Reiff, the energy-intense process of digital currency mining is caused by the methods used to mine new digital coins. Reiff highlights the proof-of-work method of mining Bitcoins as the most energy-intense method. The most significant issue with the high energy intense requirements of mining digital currency is causing considerable pollution of the environment. A report presented by Digiconomist suggested that digital currency mining processes count that the emission of ninety-six million tons of carbon dioxide is released into the atmosphere. Reiff highlights the electronic waste generated from digital currency mining operations.
Comparison and Contrast
Both Reiff and Bogna aggress the digital currency mining processes are energy-intensive. Reiff and Bogna use Bitcoin as a digital currency since it is the most popular one. Reiff and Bogna agree that mining Bitcoin is the most energy-intensive of all methods. The method of mining Bitcoin is referred to as proof-of-work. The proof-of-work methods consumed a lot of energy due to the calculations that have to the made and the natural design of Bitcoin. Reiff and Bogna agree that digital currency mining directly and significantly impacts the environment. Reiff and Bogna quote a report from the Cambridge Bitcoin Electricity Consumption Index, further proving the energy-intense process of mining digital currencies. Reiff and Bogna suggest that those involved in digital currency mining should opt for more sustainable and environmentally friendly energy sources. Digital currency mining processes use crude oil and coal, which are major pollutants of the environment. Reiff and Bogna also suggest adopting other methods of mining digital currency, which are less energy-intensive. Reiff and Bogna, however, concur that digital currency is a great platform and opportunity that has to be conducted more sustainably.
