Mining will cause environmental disaster

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mining

Professor of Qatar University John Truby published a study which described the harm to the environment from the crypto mining and blockchain industry.

In particular, he notes that due to the limited issue of bitcoin every year, the cost of its mining is increasing, which in turn requires more equipment that consumes “a huge amount of electricity.”

John Traby said that the processes associated with a single Bitcoin-transaction can provide electricity to the British house within a month.

In his opinion, there is a future for cryptocurrencies, therefore, mankind should design such mining models, in which there will be no consumption of electricity and carbon dioxide emissions into the atmosphere.

“Many developers do not take into account the impact of their projects on the environment, so we should encourage them to adopt consensus protocols that do not lead to a lot of carbon emissions. If we do not do anything, the developers will follow the same path that is dangerous for the environment. We need to desocialize the environmental costs associated with this while continuing to encourage the advancement of this important technology, ” the study said.

To remedy the situation, the professor proposes to impose restrictions on the purchase and import of mining equipment, as well as create favorable business conditions and introduce financial compensation for developers of “ecological” detachments.

He also proposed to introduce taxation for operations with crypto-currencies, the size of which will depend on the amount of energy consumed in transactions.

According to John Truby, the world needs to unite and start looking for solutions to this problem now.