Cryptocurrencies are famously bad for the environment… but is there a way we can do better?
A study titled “Revisiting Bitcoin’s Carbon Footprint” showed how Bitcoin could be responsible for 65.4 megatons of carbon emissions annually, which is about the same amount as the entire country of Greece.
China’s crackdown on Bitcoin mining hasn’t entirely made the dent in these numbers it was expected to, mainly since it was later found that mining in China never stopped. Simply stated, any restriction won’t make a significant difference. Bitcoin was created to resist regulation and censorship, so even if a country banned mining, it wouldn’t stop individuals from building mining rigs in their homes.
Consumption of high amounts of energy
The high energy consumption of the mining process is not a flaw; it’s a feature. Bitcoin mining allows for the validation of token transactions by using no intervention from third parties. The computational power of many thousands of miners is used to validate the transactions. This process consumes large quantities of energy.
This whole process was once possible on home computers. But mining hardware has improved since the 2000s. Application-Specific Integrated Circuits (or chips specifically made to mine Bitcoin) have been created. They run indefinitely, and consume energy similar to that of countries such as Chile or the Netherlands.
Electricity is bought by miners, which are most commonly generated using fossil fuels. Burning those fuels emit greenhouse gases which warm the Earth’s climate and cause pollution that harms human health.
The issue doesn’t end there. Competition among miners drives up energy use, and as Bitcoin’s value climbs higher, that competition gets fiercer.
In May 2021 computers on the Bitcoin-mining network had made 180 quintillion predictions per second. Each BTC token was sold at $36,000 in that month, before rising to $57,000 by December 2021. With incentives like these, it’s no wonder that miners are constantly working on mining more cryptocurrency.
Energy usage – by the numbers
The University of Cambridge Electricity Consumption Index shows that by June 2022 the global Bitcoin network had 14.34 gigawatts of electricity production. That is nearly enough power for 14.4 million American residences. This is approximately 126 Terawatt hours (TWh). This amounts to roughly $13.4 billion, assuming an average cost of 10.6 Cents per kWh. Additionally, the energy consumed for mining reached an all-time peak at the close of 2021 with more than 200 terawatt hours.
All this isn’t even accounting for the environmental damage caused by these activities. We need 284,000,000 trees to counter the impact of Bitcoin mining.
An unfavorable impression
All industries can benefit from blockchain technology and crypto currencies, which offer new opportunities, from banking and finance to media and healthcare. These troubling statistics, though, take away the benefits of blockchain technology and put the spotlight on the environmental harm they cause.
Web 3.0 has been met with resistance by many members of the general public.
Bad press about cryptocurrency can drown out good projects, even those that are trying to make sustainable mining a reality. In response to Bitcoin mining’s negative effects, Cardano, an innovative project created by Ethereum founder, has been launched. Ripple will become carbon-neutral in 2030.
Megatech (MGT) is one of these companies. It’s a South African-based company that uses blockchain technology to ensure sustainability.
A fresh outlook
Megatech is the world’s answer to the energy problem, implementing the ultimate green sustainable energy technology.
The demand for green electricity is high, especially in Africa. MGT uses state-of-the art solar energy technology with revolutionary storage technology. A dynamic funding model ensures that MGT can make high profits while ensuring quick turnaround.
Megatech’s solar plants offer financial rewards to token holders. Project Beta is the first solar farm, a 60MW, and will offer a 100MWh technology. Users have the option to make green energy sales at peak rates to companies that are blue-chip listed, who already signed up with Megatech.
A further 40% share of any financial gains from this project, and future projects, will vest in MGT Solar LTD. The company’s independent fiduciary directors manage token holders participating in the performance-staking program.
Megatech also partners with other companies working in the renewable energy industry and has hired one of Africa’s top EPC technical teams for their mission. The initiative is fully compliant with ESKOM, the National Energy Commission.
A better tomorrow
Climate change is no longer a problem of the future; it’s here. Still, it isn’t too late to address these concerns and move towards sustainable energy while maintaining our way of life and bringing the limitless opportunities and benefits of blockchain technology and mining to individuals and corporations worldwide.
Megatech’s vision to become the number one blockchain technology company only comes second to its passion for sustainability and improvement. If in the process of solving one of the biggest problems that plague our planet, they can empower users to earn crypto, that’s just icing on the cake.