Cryptocurrency

Is it True that Bitcoin, NFTs and Other Crypto Fads are Destroying Our Planet?

Recently, the process of selling a single crypto-related artwork reportedly consumed twice the amount of energy the studio that created it uses in one year. From this information, one might think that the sale might’ve lasted at least a couple of weeks, even though that’s quite a gruesome expectation as well.

However, the sale of the NFT in question lasted much, much less time. Once the group of six NFTs was put on sale, it took only 10 seconds for them to be sold (for impressive sums) and for the people that tried to buy them to consume roughly 9 megawatt-hours of energy.

Let’s see why more and more people think it’s time to advocate against some of the things that might be destroying our planet – Bitcoin, NFTs and crypto fads.

Crypto Fads – Why are They Bad?

Your casual crypto trader or user of the best Forex traders probably doesn’t look too deeply into how the things they trade are made, so to speak. For example, foreign currencies are made/created by a state’s government in a special building/factory – the Casa de Papel TV show has quite a lot of information on this process.

However, when it comes to cryptocurrency, the creation of such coins requires much more power, even if it doesn’t take place in a factory or huge building. Obviously, when we say creation of crypto, we refer to crypto mining – the one fad that has been going strong for quite some years now.

To put it bluntly, cryptocurrency mining nowadays on average, uses more energy in a year than the entire country of Argentina. But that isn’t all.

It’s More than Just Energy Consumption

Crypto fads and NFTs don’t only consume a lot of energy. Reportedly, they also  emit more carbon into the atmosphere than the city of London. That’s right, people mining or dealing with Bitcoin around the world are supporting the same amount of air pollution as the 32nd largest city in the world.

Taking the above into account, we’re still not done with how harmful the crypto fads are. Studies have shown that it is possible for the emissions caused by Bitcoin mining to raise the planet’s temperature by at least two degrees.

This might not sound like much, but given the world has been talking about global warming for quite some years now, a temperature increase caused by something that has existed on our planet for only around 12 years is certainly worrisome. 

The Bottom Line

So, are these things destroying our planet?

The answer of many is that yes, they’re one active element contributing to the destruction of both our planet and society. Large-scale crypto mining farms hurt more than just our atmosphere with their emissions. The world is also experiencing a video board shortage thanks to mining.

Naturally, the worst part is the fact that more and more people are starting to believe crypto to be a safe way to wealth. Even the best Forex brokers state that crypto trading shouldn’t be considered a viable investment option due to its volatility.

Yet, the way influencers and self-proclaimed tech gurus push these crypto fads makes everyone want to buy-in or mine coins. In the end, this leads to more greed in society and more carbon in the atmosphere.

Hillary Cyril

Creative content developer, a blogger and SEO writer.

Share
Published by
Hillary Cyril

Recent Posts

Top 5 Ethereum Network based Projects

The Ethereum network provides the perfect platform for decentralized apps. Decentralized apps or Dapps are…

3 hours ago

5 Restaurant Challenges and How to Solve Them in 2021

For the restaurant business, the past year has been a frenzy. With over a million…

3 hours ago

5 Crucial Tips for Heading Back to the Office

Only recently have companies across the United States started opening their doors for employees to…

4 hours ago

What Is Identity Theft Insurance And Do You Actually Need It

Over the years, the prospect of your identity being stolen can drive shivers down your…

6 hours ago

Organic Growth: Crystal Reef; A new collection of NFT collectibles that will revolutionize our understanding of NFTs

A collaboration between artists Michael Joo and Danil Krivoruchko aka Myshil, Organic Growth: Crystal Reef…

6 hours ago

After a Successful IDO, TOMI Token is off to a Flying Start

Investors have shown a keen interest in the TOMI token since the team decided to…

8 hours ago