The world is in the middle of a Bitcoin gold rush that can simply burn out our planet, informs Greenonymous, the community that is calling for a switch to green crypto-currencies that do not consume much power and leave the already fragile ecosystem intact. The giant energy footprints of mining crypto-currencies are now clear in their outline, and the ecological situation looks catastrofic.
Four years ago, in “the message out of the future” at Reddit, it was posted that Bitcoin’ value will be $10,000 in 2017. The message clearly laid out the set pattern in value increase by a factor of ten every year, from $0.10 in 2010 and $1 in 2011, to $100 in 2013 and going up to $1,000 in 2015 and reaching $10,000 in 2017. The same growth by ten can be projected in the next two to four years as well, reaching $100,000 in 2019 and $1,000,000 in 2021. What is not well understood is the exponential growth in energy consumption as well. At the time of writing, Bitcoin’s annual energy consumption stands at 29.05TWh, as per the Digiconomist’s Bitcoin Energy Consumption Index. And all that energy is not green and eco-friendly at all!
A simple illustration reveals the depths of the crisis facing the world: Bitcoin or blockchain mining currently uses energy greater than the consumption of 159 countries. Taken together, Bitcoin miners would comprise a country ranking 61st in power consumption as of today. Last month alone, Bitcoin mining energy consumption increased by 29.98%, and at this rate, it will consume the entire world’s electricity by February 2020.
Huge problem is the carbon emissions. One coal-powered Bitcoin mining farm in Mongolia or China is responsible for 8,000 to 13,000 kg CO2 emissions per Bitcoin it mines, and 24,000 – 40,000 kg of CO2 per hour.
Right now global Bitcoin mining represents a minimum of 77KWh of energy consumed per Bitcoin transaction that is enough to power 1 home in Netherlands for nearly two weeks.
More than energy consumption, the future of individual lives too is at risk, according to Greenonymous. The concept of a ‘Citadel’ came into origin once Bitcoin reached $1,000 valuation. The Bitcoin rich class was now protecting itself and their wealth with safes, bodyguards, and the early adopters. Living in gated cities where Bitcoin mining machines are protected.
Greenonymous is urging global citizens to invest and switch from Proof-of-Work cryptocurrencies like Bitcoin to green crypto-currencies that use more advanced Proof-of-Stake algorithm. Proof-of-work uses hashes to recognize and reward the first miner and safeguard against anyone monopolizing the mining of coins or frivolous and malicious use of computer power. Proof of stake allows for a greener, cheaper and eco-friendly way to “mine” and own the coins as well as making cyber attacks more expensive. Vitalik Buterin already announced that Etherium 2.0 will be using Proof-of-Stake technologies.
To save the humanity we must adopt organic products, stop using fluoride, and engage in meditation, energy practices and other such methods to restore our original selves and healthier vibes.
Greenonymous suggests humans to awake, be united and support clean energy projects, support bio and eco-friendly projects, switch and invest in the greener and eco-friendly coins that use more advanced algorithms like Proof-of-Stake. People should go green blockchain and go green crypto!
Greenonymous has created a presence on YouTube, Reddit and Telegram (t.me/greenonymous) to create more awareness of the destructive side of the proof-of-work crypto-currencies and their impending future. They accept donations in greener crypto-currencies such as BIO, BTCG, BEN, BLK, DASH, ENRG, EGC, NEO, OK, PPC, PIVX, RDD, QTUM, and WAVES.
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Company Name: Greenonymous
Contact Person: Media Manager
Country: United States