Cryptocurrency mining uses huge amounts of energy, but activists are urging for a change in its code to reduce its environmental impact
On the corner of New York’s Park Avenue and 52nd Street, curious onlookers recently stopped in front of a giant green skull sitting in the bed of a truck parked outside the office of Fidelity Investments, the global financial management company.
Bitcoin is chiefly known as a wild investment vehicle that – along with many other cryptocurrencies – can seemingly make or lose fortunes overnight in a market where values go up and down quickly and by large margins. As major financial brands speculate in the cryptocurrency world, environmental campaigners want to make sure they know that they are not just taking a financial gamble; there is also an environmental risk.
The Pow consensus algorithm used to verify transactions requires large amounts of electricity which is often produced by burning fossil fuels, emitting carbon dioxide and other greenhouse gases that are heating the planet., titled Revisiting Bitcoin’s Carbon Footprint, conducted by climate and economics researchers across Europe estimates that “Bitcoin mining may be responsible for 65.
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