What Are the Environmental Impacts of Cryptocurrency?

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Newer cryptocurrencies are adopting proof-of-stake and other energy-efficient consensus mechanisms, potentially reducing energy consumption by over 99% compared to traditional mining.

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The continuous upgrade cycle of mining equipment contributes to electronic waste. Mining rigs typically become obsolete within 1.5 years, creating a significant disposal challenge.

Some mining operations are transitioning to renewable energy sources, establishing operations near hydroelectric, solar, or wind power facilities to minimize their carbon footprint.

Blockchain technology is also being used to create environmental solutions, from tracking carbon credits to managing renewable energy distribution networks.

Cryptocurrency mining facilities require substantial cooling systems, consuming significant amounts of water in already water-stressed regions around the world.