Bitcoin price is tanking due to the environment; IMPT Token offers sustainable alternative
Bitcoin is a major cryptocurrency that dominates 40% of the cryptocurrency market share. Most of the times, this crypto asset determines the market sentiment – either bullish or bearish. Many crypto traders and enthusiasts are showing interest in bitcoin as it offers one of the most reliable investments they can bet on.
If crypto traders want to get more bitcoin for themselves, they use special machines to mine bitcoin. This mining operation enables them to become validators, which means they can validate transactions in a block, create transaction blocks and mint new crypto coins.
Despite the advantages of this cryptocurrency (Bitcoin) mining, there is a significant flaw. Bitcoin mining is very energy intensive, which ultimately affects the environment in unimaginable ways. This article shares more details about Bitcoin’s impact on the environment and how crypto users can consider alternative crypto assets to reduce their carbon footprint.
Bitcoin’s Impact on the Environment: Cause and Effect
Bitcoin mining operates on the oldest consensus mechanism in cryptocurrency, Proof-of-Work (PoW). This consensus mechanism is essential for validating transactions and minting new coins. But for PoW to be successful, crypto users need to operate heavy machinery or mining rigs that draw a lot of electricity.
The reliance on heavy computing power maintains the security of the blockchain. However, it comes with a caveat – environmental disaster. It is not easy to calculate how much energy Bitcoin uses in mining, but some experts put it into perspective.
The US generates its electricity from burning fossil fuels. However, according to the Cambridge Bitcoin Electricity Consumption Index, the most extensive bitcoin mining activity occurs in the United States, accounting for approx. 40% of global mining operations. Furthermore, the study estimates that Bitcoin consumes approx 96.61 terawatt-hours (TWh) electricity per year (about 0.43% of global electricity consumption). Thus, if bitcoin were ranked as a country based on its annual energy consumption rates, it would currently be 30th.
Since Bitcoin mining requires a high amount of electricity to mine new bitcoins, is it possible to imagine the number of fossil fuels burned and their by-products released into the atmosphere? Based on digital economisttotal bitcoin carbon footprint amounts to 72 million tons of carbon dioxide (C02), which is almost equal to the carbon footprint of Greece.
A single bitcoin transaction can emit around 700 kilograms of C02, equivalent to watching around 130,000 hours withYouTube videos. Over the years, the emission rates have been alarming. Many users are forced to buy expensive and power-hungry machines that have the sheer computational power to mine new transaction blocks and create new bitcoins so they can earn cryptocurrency rewards. Yet they turn a blind eye to the impact of operating such mining rigs on the environment.
This environmental impact calls into question the sustainability of the Proof-of-Work Consensus as Bitcoin has reduced its price from its all-time high of approx. $70,000 to under $20,000.
The Future of Bitcoin Mining; Are there alternatives to consider?
Bitcoin cannot become environmentally friendly for specific reasons. Bitcoin’s consensus mechanism is energy intensive and competitive, with exciting rewards to offer, so there is no slowdown. Consequently, the possibility of the Bitcoin network switching from its high energy intensive nature is bleak.
Experts and crypto-enthusiasts can only reduce the carbon footprint of existing cryptocurrencies or ensure that newer crypto-assets do not negatively impact the environment.
Many global companies have taken a stand to go green; that is, a reduction in carbon emissions. For example, after recognizing the negative impact of mining on the environment, the second largest cryptocurrency (Ethereum) recently switched from Proof-of-Work to Proof of Stake consensus mechanism and dropped from 35 million tons of carbon dioxide emissions to less than 0.01 million tonnes.
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IMPT – Provides sustainable solutions to reduce carbon footprints
Newer cryptocurrencies are taking the initiative to become socially aware of their environment. A good example is the IMPT platform, which creates a large ecosystem to connect individuals and businesses with socially responsible brands that strive to reduce their overall carbon footprint.
The vision of IMPT is to provide simple, affordable and effective mechanisms to help every member of society fight climate change. Tens of thousands of global retailers have agreed to join IMPT with over 2 billion projects ready to make the environment safe again.
IMPT will make use of carbon credits that reduce greenhouse gas emissions. According to his white paper, one carbon credit corresponds to one tonne of carbon dioxide emissions. Individuals or companies can buy these carbon credits from the platform to offset emissions from industry, vehicles and travel.
Carbon credits are created by certified climate action projects that reduce or capture emissions. Individuals or companies who want to offset their emissions can buy these credits. This initiative is an effective tool for everyone to reduce their carbon emissions.
Moreover, carbon footprint reduction is not only done by buying carbon credits, but also while shopping regularly. When users buy products from IMPT partner brands, they earn points that they can convert into carbon credits. IMPT invites users to its platform to buy IMPT tokens and convert them into carbon credits. After conversion, these carbon credits are minted into collectable NFTs that users can list and trade on the IMPT.io marketplace.
IMPT showcases a large ecosystem of over 10,000 brands that users can partner with to reduce their carbon footprint. The platform also enables users to choose from hundreds of environmental projects, ranging from facilities for the generation of clean energy, forest conservation, wind farms and other exciting solutions.
The global climate crisis is underway and there should be plans to drastically cut global emissions by 2030. IMPT aims to be a carbon neutral company by offering carbon offsetting projects for individuals and businesses to participate in creating a green environment.
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Final thoughts
Despite the use of Bitcoin, it negatively affects the environment. Thus, many existing crypto projects are switching to zero carbon emissions as a conscious effort to ensure a green environment.
IMPT is a carbon neutral company that has partnered with thousands of brands in a carbon offsetting program that individuals and businesses can interact with to ensure a reduced carbon footprint. This initiative offered by the IMPT platform will soon be recognized.
The first pre-sale round is underway, which will run from October 3rd to November 25th. You can buy IMPT tokens from IMPT.io website to $0.018. After the purchase, instructions will be made on how to convert them into carbon credits and start engaging in socially conscious projects to ensure a clean environment.
Cheers!
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