One of the most cutting-edge technologies in recent years, blockchain technology does not yet appear to be operating at its full potential. It has countless potential applications, and as technology advances, it will become more prevalent. Numerous nations, including but not limited to Singapore, Estonia, and El Salvador, as well as respected companies like Microsoft and Amazon, among others, have adopted the technology even at its current stage of infancy in order to increase the effectiveness of their operations.
The amount of electricity required for transaction validation is one of the major issues that have plagued blockchain technology and restricted the adoption of the system.
Impacts Of Blockchain Processes On The Environment
Although blockchain technology is a cutting-edge and exciting technology that can play a crucial role in web 3.0, one major drawback has been how energy-intensive it is. According to studies, Argentina uses less energy per year than bitcoin mining.
According to a notion put out by academics, emissions from mining bitcoin, which annually produce over 95 million tons of carbon dioxide, might increase the earth’s temperature by up to two degrees.
Ironically, there are still initiatives using blockchain technology to prevent climate emergencies. Nevertheless, despite their best efforts, the proposed remedies fail to alleviate the harm caused by a number of other technological initiatives.
How can mining use less energy?
There have been several proposals made to control the energy-hungry blockchain technology. For instance, Elon Musk met with the CEOs of various Bitcoin mining firms during which they discussed their energy use. The proposed creation of a Crypto Mining Council, which would be entrusted with promoting energy transparency, was the meeting’s conclusion.
The Ethereum network also plans to switch from a Proof of Work to a Proof of Stake consensus mechanism in 2022, which would significantly cut its energy usage by at least 99%. While Proof of Work depends on how quickly computers can solve challenging challenges.
There was also a suggestion that Bitcoin businesses be relocated next to brain farms and oil fields in order to utilize the extra energy. However, because they are not financially viable, ventures like these are typically abandoned.
While the development of blockchain technology has many benefits, it is important to prevent the destruction of our dear world. The negative and damaging effects of blockchain technology on the environment require further attention.
