The advent of cryptocurrencies has revolutionized the work of businesses and industries all over the world, including the finance, banking, and retail sectors.
In April 2021, the prices of Bitcoin and Ethereum exploded – rising by over four to nine times – demonstrating that the world might witness a crypto boom with digital currencies being adopted in the mainstream.
However, the rise of cryptocurrencies has always been accompanied by increasing concern about their environmental impact. Many scholars and environmentalists have been concerned about the impact of cryptocurrency mining on the environment which may lead to an increase in carbon emissions and climate change.
A recent analysis by Cambridge University suggests that bitcoin mining consumes 121.36 Terawatt-hours (TWh) per year i.e., more than the entire country of Argentina. Mining cryptocurrency requires a lot of power as it involves heavy computer calculations in order to verify transactions.
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