An Environmental Approach Emerges In Bitcoin Mining

An environmental approach emerges in Bitcoin mining. Search for a solution to the environmental pollution of Bitcoin mining has begun.

Although it is shown as the most important financial revolution of recent years, the damage caused by Bitcoin mining to the environment is quite large. Bitcoin, which consumes more electricity than a few countries combined, is increasing its carbon emissions day by day. The huge energy consumption of Bitcoin mining is especially challenging for companies that use incentives over energy efficiency. For example, electric car manufacturer Tesla hesitated for a while to accept Bitcoin as a payment method. Solutions are sought to make the Bitcoin generation process more efficient, based on a concept we can define as Proof-of-Work, that is, mining. Ripple Labs founder Chris Larsen has announced a $5 million fund. With the slogan Change Codes, Not Climate, the fund focuses on studies that will replace the concept of Proof of Work. An alternative method is estimated to reduce energy consumption by 99 percent, but this is not so easy. It has been working for years for the Ethereum network to switch to the Proof-of-Stake concept, and the transition has not been made yet.