
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
