Impact of Bitcoin on Environment

Abstract

Bitcoin (BTC) has gone a long way since its initiation. Bitcoin and Ether (ETH) have witnessed significant price and user growth, but there are still concerns about the long-term effects of widespread cryptocurrency usage. Many environmentalists have expressed worry about the energy-burning up of cryptocurrency mining, which may result in increasing carbon emissions and climate degradation. The mainstreaming of cryptocurrency, as it has been dubbed, is a significant event in the world of finance. This is especially true in the case of Bitcoin, the original cryptocurrency; has recently enlarged in value. In October of 2020, a coin was valued at around $12,800; now, it is worth more than $66,000 in October of 2021. Bitcoin mining is, of course, totally fictitious, but in the real world, it can be just as damaging the natural resources. In the present circumstance, while the country is facing a massive power shortage, there are power cuts in many parts of the country; with Bitcoin mining, this problem can be taken a formidable form. In this paper, the impact of Bitcoin on the environment is being discussed.