Myth: Blockchains are destroying the environment.
Let’s break down this claim. Indeed, proof-of-work blockchains, such as Bitcoin, are environmentally damaging because they need miners to function, and today’s mining farms are housed in huge hangars with endless rows of powerful equipment.
It is important to understand that the entire banking industry (data centers, ATMs, office buildings) consumes much more energy than Bitcoin mining and, therefore, is more environmentally harmful.
Gold mining, by the way, is also extremely energy-consuming and much more harmful than mining.
However!
A solution has long been found: Modern blockchains rarely use the outdated proof-of-work mechanism but instead operate the proof-of-stake consensus algorithm or others, which spend paltry (comparable to Bitcoin) amounts of energy that can not even be considered.
Therefore, environmentalists should not demonize Bitcoin: Our usual airports and the entire aviation industry contribute more to the increase in carbon dioxide emissions.
Crypto_Wrld
