Impact of Bitcoin mining on the Environment
Energy consumption has become the latest flashpoint for cryptocurrency. Critics decry it as an energy hog while proponents hail it for being less intensive than the current global economy.
Blockchain, a digital ledger technology, is widely known for its application to cryptocurrencies. Introduced in 2008 to serve as a public transaction ledger for Bitcoin, the technology has given rise to hundreds of cryptocurrencies (e.g. Ethereum, Polkadot, Polygon, Solana), as well as having other emerging applications in diverse fields, including supply chains, digital content, patents, smart contracts, governance, and e-voting.
Understanding the basics of blockchain technology is essential to assess its implications, which are potentially huge and transformative for society, the economy, and the environment.
In this panel, we will discuss the impact of Bitcoin mining on the Environment so participants can understand it. We will also provide an overview of the current state of the available solutions, as well as the challenges and uncertainties the industry is facing.
‘Sustainability in blockchain’ belongs to the event series about different blockchain topics that are brought together by BLOCKROCKET. BLOCKROCKET is an early-stage investor and digital accelerator program for blockchain startups in Germany that helps startups, corporates, and investors leverage the potential of blockchain technology. Since their launch in 2019, they have acquired numerous well-known partners and mentors and handpicked some of the best blockchain startups among 150 applications for their program.