Crypto mining is even worse for the environment than we thought

It even makes YOUR electricity bill higher.

Crypto Miner’s Daughter

We knew that cryptocurrency mining uses a cubic tonne of energy – but new research has revealed that the situation is actually worse than we thought.

As New York Times reveals in a new deep dive into the environmental and social consequences crypto mining has on the regions where these energy-intensive rigs live, most of the people who have to deal with crypto’s consequences have little to do with the digital currency.

Part of the reason crypto mining has continued despite its environmental impact stems from the convoluted way it uses energy.

In order to mine Bitcoin and other “proof-of-work” cryptocurrencies, miners must use tons of computing power to try to make money. The more miners on the blockchain, the more competitive the system, so large operations need tens of thousands of computers to keep pace, and with more computers used, more fossil fuel is burned to power these centers.

Electric Slide

According to it NEWhis analysis, cryptomining’s nationwide energy toll is essentially about the same as a second New York City.

For those living nearby, this means not only high energy bills but also little economic development because these mines use computers, rather than humans, to do their bidding.

These computers, the report notes, need an enormous amount of power to operate. In fact, the nationwide amount of pollution that comes from Bitcoin mining as a whole equals 3.5 million cars.

What’s more: this NEW the report came just after the non-profit environmental working group released its own paper summarizing this high energy tax.

“Once-dead coal-fired power plants roaring back to life spewing dangerous emissions, overheated trout cut open by water pipes, constant low-frequency noise,” EWG’s report noted, listing the many ways these plants generate “air, climate, water and noise. “

“Currently, the most efficient bitcoin mining computers emit more than 105 tons of carbon dioxide per bitcoin mined, but average emissions per bitcoin are easily double that,” the paper notes.

While the crypto industry continues to push back against these damning assessments, we find it hard to disagree with the EWG’s position that crypto is always contributing to the climate crisis – and it needs to be dealt with quickly.

More on crypto rigs: Space Force Major says countries should have crypto mining competitions instead of going to war