August 21, 2024

Environmental Impact of Cryptocurrency

This is something we hear about all the time. Below are a few summarized points:

Crypto having a negative impact on the environment is an incredibly common misconception but luckily it is based on poor research and wrong assumptions that have been circulating recently. Unfortunately, that debunked research and those wrong assumptions continue to be used (perhaps unknowingly) on a regular basis.
For one, Bitcoin mining uses less electricity than Christmas lights and is powered by 50%+ renewables, making it one of the greenest industries in the world and greener than the overall US energy mix.
Bitcoin mining is actually driving more innovation with renewable energy sources because it is the most profitable way to mine bitcoin.
In addition, our exchange Gemini has spent $4,031,767.35 to purchase carbon permits to offset the carbon emissions related to Gemini's usage of the Bitcoin Network from January 1 to June 30, 2021. These carbon permits will prevent 341,965 metric tons of carbon from entering the atmosphere ' the equivalent of nearly a billion miles driven by a typical passenger car.
That makes it significantly more green than the traditional financial system and most other industries we rely on for a high quality of life. So next time someone tells you Bitcoin uses a lot of energy, ask them relative to what and how the energy is being generated.
This article does a great job breaking down the basics: CoinDesk

Here are some other resources for continued reading as well:

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