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Why does Bitcoin pollute so much?

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Cryptocurrencies are notoriously bad for the environment… but is there a way to improve the situation?

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The study titledRevisiting Bitcoin’s carbon footprintshowed how Bitcoin could be responsible for 65.4 megatons of carbon emissions annually, about the same as the entire country of Greece.

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China’s crackdown on bitcoin mining did not fully impact these numbers as expected, mainly because it was later discovered that mining in China never stopped. Simply put, no restrictions will change anything. Bitcoin was created to resist regulation and censorship, so even if a country bans mining, it won’t stop people from building mining rigs in their homes.

High power consumption

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The high power consumption of the mining process is not a disadvantage; this is a feature. Bitcoin mining is the process of verifying transactions with tokens without the intervention of third parties. This verification process uses a large amount of energy, using the processing power of thousands of mining machines.

This whole process used to be possible with home computers, but mining hardware has evolved since the early 2000s, leading to the emergence of ASICs, chips dedicated exclusively to bitcoin mining. These machines are constantly running, causing huge amounts of consumption close to the energy used by countries such as Netherlands or Chile.

Miners buy the electricity they use, most often generated from fossil fuels. When this fuel is burned, greenhouse gases are released that warm the Earth’s climate and cause pollution that harms human health.

The problem doesn’t end there. Competition among miners increases energy consumption, and the higher the value of Bitcoin, the tougher it gets.

As of May 2021, computers on the bitcoin mining network have produced 180 quintillion guesses per secondand each BTC token sold for $36,000 this month before rising to $57,000 in December 2021. With incentives like this, it’s no surprise that miners are constantly working to mine more cryptocurrencies.

Energy consumption – in numbers

According to the Cambridge University Electricity Consumption Index, by June 2022 14.34 gigawatts generating enough electricity to power nearly 14.4 million American households. This is approximately 126 terawatt hours (TWh). If we take an average of 10.6 cents per kWh, it is approximately 13.4 billion dollars. In addition, mining energy consumption reached a record high at the end of 2021, exceeding 200 terawatt hours.

All this without even taking into account the environmental damage caused by this activity. At this point we need to plant 284 million trees to offset the effects of bitcoin mining!

Negative impression

Blockchain technology and cryptocurrencies are opening up new opportunities for all industries, from finance and banking to media, healthcare, entertainment and e-commerce. Unfortunately, however, these disturbing statistics divert attention from its benefits and shed light on just how harmful they are to the environment, and rightly so.

As a result, a large part of the population is hesitant to accept Web 3.0 and its components.

Due to the bad press that cryptocurrencies receive, good projects that make a sincere effort for sustainable mining are drowning in noise before they have a chance. Several innovative projects, such as Cardano (created by the co-founder of Ethereum), whose Proof-of-Stake model excludes mining, and Ripple, which will become carbon neutral by 2030, are emerging in response to the impact of bitcoin mining.

Among these projects are Megatek (MGT)a South African firm that provides sustainability through blockchain technology.

A New Look

Megatech is the global answer to the energy challenge, implementing the latest clean and sustainable energy technologies.

There is a high demand for green electricity around the world, especially in Africa. MGT combines state-of-the-art solar technology, revolutionary storage technology and a dynamic financing model to deliver high returns and short turnaround times.

All token holders receive financial profit from solar power plants owned by Megatech. The first plant, Project Beta, is a 60 MW solar farm that will incorporate 100 MWh technology with the option for users to sell clean renewable energy at peak prices to blue-chip listed companies that have already signed a contract with Megatech.

In addition, 40% of all financial income from this project and all future projects under development will belong to MGT Solar (PTY) LTD. a company that is managed by independent trust directors on behalf of token holders who participate in the Performance Staking program.

Megatech also collaborates with various companies in the renewable energy sector and has contracted one of the leading EPC technical groups in Africa to realize its vision. Their initiative is 100% in line with ESKOM (National Energy Commission).

Better tomorrow

Climate change is no longer a problem of the future; it’s here. However, it is not too late to address these issues and move towards sustainable energy while preserving our way of life and bringing the limitless possibilities and benefits of blockchain and mining technology to individuals and corporations around the world.

Megatech’s ambition to become the number one technology company on the blockchain is second only to its commitment to sustainability and improvement. If, in the process of solving one of the biggest problems that our planet is suffering from, they can give users the opportunity to earn cryptocurrency, this is just icing on the cake.

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