Why does Bitcoin pollute so much? “A gesture for the planet in perspective? »

Cryptocurrencies are notorious for being bad for the environment… but is there a way to make it better?

A study titled “ Reexamining Bitcoin’s Carbon Footprint“It showed how Bitcoin could be responsible for 65.4 megatons of carbon emissions per year, roughly the same amount as the entire country of Greece.

China’s crackdown on bitcoin mining did not have the desired effect on these numbers, mainly because it was later discovered that mining in China never stopped. In other words, no restriction will make a difference. Bitcoin was created to resist regulation and censorship. So even if a country bans mining, it won’t stop people from building mining facilities in their homes.

high power consumption

The high energy consumption of the mining process is not a defect, it is a feature. Bitcoin mining is the process of validating token transactions without the intervention of third parties. This validation process consumes large amounts of energy and uses the computing power of thousands of mining machines.

This entire process was once possible with home computers, but mining hardware has evolved since the early 2000s, giving rise to application-specific ICs, chips designed solely for Bitcoin mining. These machines work constantly, resulting in high consumption, close to the energy used by countries like the Netherlands or Chile.

Miners buy the electricity they use, most often produced from fossil fuels. Burning these fuels emits greenhouse gases that warm the Earth’s climate and cause pollution that harms human health.

The problem does not end there. Competition between miners increases energy consumption, and the more the value of bitcoin rises, the more this competition intensifies.

In May 2021, computers on the bitcoin mining network made 180 quintillion guesses per second, with each BTC token selling for $36,000 that month before rising to $57,000 in December 2021. With such incentives, no no wonder miners are constantly striving to mine more cryptocurrencies. .

Energy use: in numbers

According to the Cambridge University Electricity Consumption Index, by June 2022, the global Bitcoin network will have needed 14.34 gigawatts to produce electricity, enough to power nearly 14.4 million American homes. This represents approximately 126 terawatt hours (TWh). If we take an average of 10.6 cents per kWh, that’s about $13.4 billion. In addition, energy consumption for mining reached an all-time high at the end of 2021, exceeding 200 terawatt hours.

All this does not even take into account the environmental damage caused by these activities. At this point, 284 million trees would need to be planted to offset the effects of bitcoin mining!

a negative impression

Blockchain technology and cryptocurrencies offer new opportunities for all sectors, from finance and banking to media, health, entertainment and e-commerce. But sadly, these worrying statistics distract from its benefits and highlight its environmental damage, and rightly so.

As a result, much of the public is hesitant to accept Web 3.0 and its components.

With the bad press that cryptocurrencies have, good projects that make a real effort to sustainably mine resources are drowned before they get a chance. Several innovative projects like Cardano (created by the co-founder of Ethereum), whose proof-of-stake model eliminates mining, and Ripple, which will be carbon neutral by 2030, are springing up in response to the effects of bitcoin mining.

Among these projects is Megatech (MGT), a South African company that provides sustainability through blockchain technology.

a new perspective

Megatech is the world’s answer to the energy problem, implementing the latest green sustainable energy technology.

There is a huge demand for green electricity supply all over the world, especially in Africa. MGT combines state-of-the-art solar power technology, revolutionary storage technology, and a dynamic financing model to ensure high profits and short turnaround times.

All token holders benefit from the financial returns of solar power plants owned by Megatech. The first plant, Proyecto Beta, is a 60MW solar farm that will include 100MWh technology with the ability for users to sell renewable green energy at maximum rates to top-tier listed entities that have already registered with Megatech.

Additionally, 40% of all financial proceeds from this project and all future ongoing projects will accrue to MGT Solar (PTY) LTD. which is independently managed by trustees on behalf of the token holders participating in the yield sharing program.

Megatech has also partnered with several companies in the renewable energy sector and has hired one of the leading EPC technical teams in Africa to realize its vision. His initiative is 100% compatible with ESKOM (National Energy Commission).

A better future

Climate change is no longer a problem of the future, it is here. However, it is not too late to address these concerns and move towards sustainable energy while maintaining our way of life and bringing unlimited opportunities and benefits of blockchain technology and mining to individuals and businesses around the world.

Megatech’s vision to become number one in blockchain technology comes only after its passion for sustainability and improvement. If, in the process of solving one of the biggest problems plaguing our planet, they can allow users to earn cryptocurrency, that’s just icing on the cake.

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