A few environmentalists are of the opinion that Bitcoin is “becoming worthless” and in the near future the value will be equivalent to zero and will be considered at NIL value.
As per Ilana Strauss, who expresses her views on Bitcoin, “Bitcoin is a colossal waste of energy [and] will soon be no more. Good riddance…We’ve known Bitcoin was dropping for a while, but the nails are really going in the coffin now.”
She further added that, she was never in favour of cryptocurrency as it is nothing but the “imaginary currency” and it also takes “a ridiculous amount of energy” to understand the same. As per her observation of Bitcoin, “In 2017, Bitcoin mining took up more energy than 159 countries. 12 states in the US use less energy than Bitcoin.”
Is Bitcoin being considered as a threat?
Strauss also highlighted the sentiments of other environmentalists some of whom believe that Bitcoin mining is an existential risk to humanity. Further, as per Jon Truby’s opinion, the director of the Centre for Law and Development at Qatar University, the massive amount of electricity needed for cryptocurrency mining will worsen glasshouse gas emissions and pollute the environment. As per Truby’s report which was released in October 2018 under academic journal Energy Research and Social Science, “Digital currency mining is the first major industry developed from blockchain, because its transactions alone consume more electricity than entire nations. It needs to be directed towards sustainability if it is to realize its potential advantages.”
However, few other experts have altogether different opinions. They consider that crypto mining has a distant slighter environmental impact when compared from other legacy systems such as gold and fiat currencies, where electricity consumption is outrageously overvalued.
Truby stated that Bitcoin has not affected the environmental factor and hence it has been designed accordingly. Therefore, considering Bitcoin as a threat to our existence is totally absurd. He called for government involvement on crypto mining issues and that additional development of blockchain should be limited in order to diminish its severe environmental threat. He quoted that “Many developers have taken no account of the environmental impact of their designs, so we must encourage them to adopt consensus protocols that do not result in high emissions. Taking no action means we are subsidizing high energy-consuming technology and causing future blockchain developers to follow the same harmful path.”
As per Jon Truby reviews, blockchain is an “important technology” that needs a written order for further development, and contrasting the writer at TreeHugger, Truby said Bitcoin isn’t going anywhere, hence we need to find a path to accommodate it.
As per Truby’s statement “Bitcoin is here to stay, and so, future models must be designed without reliance on energy consumption so disproportionate on their economic or social benefits.”