Crypto Mining Ignores Climate Impact, “a Grave Mistake”

– Cryptocurrency mining is energy-intensive and environmentally unsustainable

– The main pollution caused by cryptocurrency is from its mining procedures

– Most cryptocurrencies are mined using the Proof of Work (PoW) approach, which is energy intensive

– The mining process is a “race” competition among the miners in solving complex algorithms

– Only the fastest miner who can solve the puzzle receives the rewards

– The more powerful the machines are, the more energy they require

– Cryptocurrencies are often used as a safe haven asset

– Ignoring the environmental damage created by the mining process would be “a grave mistake”

– A shift to more climate-friendly methods for cryptocurrency trading would be advantageous

– The Proof of Stake (PoS) mechanism for cryptocurrency mining is a “greener alternative”

– PoS miners are chosen randomly by the system and only the selected ones can stake

– Russo suggested several recommendations, including forcing cryptocurrency miners to disclose the climate-related impacts of their activities