By: Alexander Taylor
Staff Writer
When it comes to investments and money management, some will say that cryptocurrencies are the future. And while this may or may not be true one of the biggest problems with digital currencies is their effects on the environment.
From July 2021 to July 2022, an estimated 36 billion kilowatt-hours (kWh) was used in mining rigs. That’s more than the energy output of Maine, New Hampshire, Vermont, and Rhode Island combined at the same time. Energy usage at that level strains the energy grid, increases the total carbon emissions in the atmosphere, and raises the price of electricity.
The methods in which crypto mining is executed allow for miners to amp up their equipment which causes the problems mentioned above to become worse as time goes on and equipment consumes more energy. If there is no environmentally friendly method of mining in the coming years, mining for crypto will become a factor in the pollution of the Earth.