Monday, December 11, 2023

The UN reveals the hidden effects of digital currency

The United Nations Organization (UN) conducted a study of environmental impact with the use of bitcoin and cryptocurrency mining in the world. The results, published in the journal Future Earthshows that the digital currency have worrisome effects on water, land and carbon footprint.

she Bitcoin It is one of the digital currencies most known and used around the world, which encourages organizational specialists to evaluate the environmental impact on 76 countries who will mine this cryptocurrency between 2020 and 2021.

she raising cryptocurrency In recent years he has made them an important element of Financial system today’s world. However, this unprecedented development may at the same time contribute to increase in global warming.

Bitcoin vs. environment: the results of the study

According to specialists, what they discovered is “shocking”. “Technological innovations are always associated with unintended consequences and Bitcoin is no exception,” he warned in a statement Kaveh MadaniDirector of the United Nations University Institute for Water, Environment and Health (UNU-INWEH), and director of the study.

In the period 2020-2021, the global Bitcoin mining network consumed 173.42 Terawattswhich leaves a carbon footprint equal to the burning 84 billion pounds of coal or operate 190 natural gas power plants. To compensate for this footprint, it must be planting 3.9 billion trees.

The results also show that during that period of time, the Water footprint in Bitcoin similar to amount of water needed to fill over 660,000 Olympic poolswhich can also cover the current water demand of more than 300 million people in rural sub-Saharan Africa.

UN scientists also reported that Bitcoin mining is highly dependent fossil energy sourceswhich represents the coal 45% of Bitcoin’s energy supply mix; followed by natural gas, with 21%; and the hydroelectric powerwith 16%.

The countries with the highest Bitcoin mining

Together, the 10 countries that use digital currency the most responsible for 94% of the global carbon, water and land footprint.

  1. China
  2. deer
  3. Kazakhstan
  4. Russia
  5. Malaysia
  6. Canada
  7. Germany’s
  8. Iran
  9. Ireland
  10. Singapore

The scientists of HE They recommend that – if you want reduce environmental impact in this activity – it is necessary government intervention to control and minimize the impact on the environment, and investing in other types of digital currency which is more efficient and less harmful to the environment.

“When you look at which groups are currently benefiting from Bitcoin mining and which countries and generations will suffer the most from the environmental consequences, you can’t help but think about implications of inequality and injustice in the unregulated digital currency sector,” said Fascinated.

“Our conclusions should not discourage the use of digital currencies. On the contrary, they should encourage us Invest in regulatory interventions and technological development which improves the efficiency of the global financial system without harming the environment,” he concluded.

World Nation News Desk
World Nation News Desk
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