Bitcoin
Dear Partners in Green,
Lately, I have grown more and more aware of what I consider to be an elephant in the room, not to disparage elephants, but simply to reflect upon their size.
We alter our lives, try to live as green as possible, do our best, knowing full well we could do more, but at least we are trying.
But that elephant, in one hour, could negate our good efforts, and what I am referring to is Cryptocurrency and specifically Bitcoin mining.
Actually, the idea of it is Greek to me.
Well, I do at least know a little Greek, but Bitcoin mining stumps me.
Googling cryptocurrency in lay terms, I found this definition:
Cryptocurrency is a digital or virtual currency that is secured which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers.
(Lay terms?)
Environmental Impact
- In the US, Bitcoin mining creates an estimated 40 billion pounds of carbon emissions.
- The proof-of-work mining process requires enormous computing power, using amounts of electricity capable of powering entire countries. A recent study in the journal Joule found that Bitcoin mining worldwide may be responsible for about 65 megatons of carbon dioxide per year, comparable to the emissions of Greece.
- It isn’t just mining that uses power — a single Bitcoin transaction is estimated to burn 2,292.5 hours of electricity, enough to power a typical U.S. household for over 78 days.
In my area, close to the Finger Lakes Region of New York, environmental activists have been raising red flags regarding the conversion of an old power plant in Dresden, NY, near the shores of Seneca Lake, into a Bitcoin mining facility.
Despite their efforts, the town voted to proceed with the plan.
But now that it is an actuality, residents are protesting that the gas-fired power plant is polluting the air and heating the lake.
The plant is currently running up against New York State’s climate law.
For more on these issues see the articles posted below.
I believe that Cryptocurrency and Bitcoin mining deserves our attention, our discernment and our voices on both an environmental and societal level.
So this month please spend some time researching these issues, and please share your thoughts regarding them. Ask your friends what they think, and whether they have invested.
If you would like, I can include your findings in the next Seedling.
I was amazed to find numerous poems and songs written about Bitcoins. It has truly become a cultural phenomenon.
Following is one of numerous Bitcoin songs. (This one is obviously a spoof.)
Wishing peace, health, courage, determination and resolve to you and your loved ones.
Thank you for being on this journey.
Till next time,
Beth
