Think about Marie Curie. Her research on radioactivity is what makes X-rays possible today. Unfortunately, her discoveries and remarkable research are also what killed her.
What about the Internet? It’s the most revolutionary invention for generations and holds countless opportunities that benefit billions of people around the world. However, cybercrime has never been higher and expected to reach $2 tln by 2019.
It’s the same story with Blockchain. The technology has the potential to revolutionize every industry it comes into contact with. However, its biggest application remains in the cryptocurrency industry.
And with the current excitement surrounding this industry, it’s easy to overlook the side effects that come with such a disruptive breakthrough.
Energy-craving Blockchain can have devastating consequences for the environment
Mining popular cryptocurrencies, such as Bitcoin, requires extremely powerful computer hardware that can solve complex mathematical equations. To run these computers burns up a lot of energy, mostly from non-renewable fossil fuels.
And as the price of the digital coin sores so too does the number of people looking to get in on the action.
Each and every Bitcoin transaction requires around 215 KWh (kilowatt-hours) to process. In comparison, the average American household uses 900 KWh every month. So around 30 KWh per day.
That means a single Bitcoin transaction uses the same amount of power as seven homes do in an entire day. What’s even more shocking is that a single Bitcoin mine relies on fossil fuels, like coal, can produce as much as 13,000 kg of CO2 emissions per Bitcoin mined…