As cryptocurrency increasingly becomes part of the public consciousness, the discourse around the environmental impact of mining has become more intense. On the one hand, the singling out of cryptocurrency by some pundits clearly comes from detractors looking for any opportunity to criticise digital currencies. However, on the other hand, there’s a belief that the blockchain industry — founded on the principle of forward-thinking solutions to problems of the modern economy — needs to assume responsibility for the environment.
The environment, sustainability and green energy are hot topics in the tech industry. The disruption caused by the COVID-19 pandemic and the apparent environmental benefits that occurred during the lockdowns spurred thought leaders to consider how things could be done differently, especially if another global crisis should occur in the form of a climate change emergency.
Bitcoin and other cryptocurrencies have been under the spotlight because new tokens are ‘mined’ using a proof-of-work algorithm that demands a lot of computing