Crypto: so hot right now… but terrible for the environment. We Skimm’d how digital currencies like Bitcoin impact our earth.
Following is a transcript of the video.
Crypto has taken group chats and the financial world by storm. But did you know this digital currency is wreaking havoc on our environment?
Leading cryptocurrencies like Bitcoin rely on digital mining to generate new coins and validate crypto transactions. That mining takes energy.
A single transaction of bitcoin uses the same amount of electricity it takes to power an average American house. For one month.
Worldwide, mining uses more power annually than some countries like Sweden or Pakistan.
In order to generate new coins, “miners” use special hardware that can quickly become obsolete.
Think: Throwing out your fancy T9 calculator after graduating from pre-calc. Every year, 30 thousand tons of electronic waste are produced as a result.
So what’s theSkimm? Crypto is on the rise, but so is its environmental impact.
For crypto to become sustainable in the long term, the environmental concerns need to be addressed and fast.