Environmental Effects of Cryptocurrency Mining -III

Could cryptocurrency mining use less energy?

Large-scale bitcoin miners are frequently found in areas with plentiful, dependable, and low-cost electricity. However, executing bitcoin transactions and minting new currencies do not have to be energy intensive. The proof-of-stake (PoS) consensus process is an alternative to cryptocurrency mining that does not require significant computational resources. The ability to validate transactions and manage the crypto network is instead awarded depending on the amount of bitcoin a validator has "staked" or put up as collateral for honest behavior and the right to earn fees.
Other validation techniques are being developed, including evidence of history, proof of elapsed time, proof of burn, and confirmation of capacity. While Ethereum's developers have decommissioned the blockchain's proof-of-work mechanism, which is expected to reduce carbon emissions by 99.9%, the Bitcoin community has no similar goal. Because Bitcoin is the most popular cryptocurrency, mining, along with its high energy costs, is certain to continue.
Is cryptocurrencies environmentally friendly?

Some cryptocurrencies have high energy requirements and need specialized equipment, resulting in a lot of waste. In this regard, some are not ecologically friendly. However, it is vital to realize that the environmental costs of producing and sustaining fiat currency, as well as our present banking system, are both energy demanding.
Can Bitcoin Be Environmentally Friendly?

In summary, because the validation process is energy-intensive, competitive, and rewards-based, Bitcoin's energy footprint is unlikely to decrease. Even after the final bitcoin is paid, the network will still require a significant amount of power to confirm transactions unless it moves to another verification technique.
How Much of Cryptocurrency is Renewable?
There is presently insufficient official data available to estimate how much of the energy needed by cryptocurrency comes from renewable sources.
The Bottom Line

The Bitcoin network and other cryptocurrencies consume significant amounts of energy. Proponents argue that it is justifiable since virtual currencies provide financial systems to millions of individuals who do not have access to loans, banks, or other services. Some opponents argue that bitcoin is a waste of energy since it has no value. Others claim that cryptocurrency mainly benefits those who can afford expensive mining equipment, mostly enterprises and the already rich.
Regardless of whether supporters or critics agree, bitcoin has an influence on the environment. It uses energy mostly from fossil fuels. At a time when the world desperately needs to reduce its carbon footprint, the last thing anyone wants is another source of profit at the expense of the earth and its inhabitants.