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Crypto Mining Wont Lead to Ecological Disaster

The critics of cryptocurrency often say that miners are over-consuming electricity. This point of view was spread due to some studies, which the media reported about. However, there is an opposite point of view, too.

The researcher Katrina Kelly of the University of Pittsburgh expressedthe opinion that the danger of mining for the environment is greatly overrated. She believes that all environmental concerns about cryptocurrencies are far-fetched and are due to a lack of understanding of the new technology.

The expert on electric power industry noted that new technological solutions such as trains, planes and cars were always at first considered too energy intensive. However, over time, as they developed, they were at the same time more effective than traditional solutions.

Kelly also noted that it is necessary to work on the research and uses of renewable energy sources. Their use will increase the production of electricity without any negative consequences for the environment.

Mine centers are now concentrated in regions with cheap electricity. For example, in Iceland, where geothermal sources are used to produce electricity, which can fully compensate for the growing energy demand of miners.

Important

  • Katrina Kelly is convinced that even if the energy costs of mining enterprises increase by hundred times, they will account for no more than 2% of the total electricity consumption in the world.
  • While the total cost of miners is estimated at 30 TW, the world financial and banking sector spends an average of 100 TW per year. However, these figures never appear in the reports and studies of skeptical critics.
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