Should N. Carolina Implement Tougher Crypto Mining Regulations?
- Buncombe County may enact a moratorium focused on crypto mining.
- Crypto mining produces loud sounds above 70 decibels.
Crypto critics have raised dozens of concerns about crypto mining and its negative effects such as excessive energy consumption, release of harmful gases and unbearable noise between 70-90 decibels.
Crypto mining uses a huge amount of energy. According to the Bitcoin Mining Council, 58% of the energy used to mine Bitcoin in the fourth quarter of 2022 was produced from green energy.
According to Buncombe County claims, Bitcoin mining has several negative consequences, such as massive consumption of energy, production of e-waste, greenhouse gas emissions and noise produced by mining equipment during the process.
According to a European media outlet, ASICs, including other machines, together produce noise above 50 decibels similar to the sound produced by a mixer or a regular vacuum cleaner.
The county noted that they want to prevent these consequences from affecting the environment and its people. Also, they want the authorities to order to stop crypto mining because it is not in their zoning laws. They demanded a one-year moratorium on crypto so they could change the zoning laws.
In recent years, residents of Buncombe County and surrounding areas have filed several complaints against the problem with the EPA. According to dozens of complaints, a coal-fired power plant produces noxious gases and toxic wastewater into bodies of water; for this reason, citizens demand stricter regulations.
In 2018, environmental experts investigated the issue and found alarming radioactive energy near the Duke Energy plant in Asheville.
Lisa Evans, senior administrative counsel at the environmental group Earthjustice, stated in her statement while speaking to an international media outlet, “Asheville has the highest level of radium presence compared to any other sites she has researched so far.”
According to reports by WFAE, an international media outlet, Duke Coal-powered utilities plan to stop coal operations and switch to green energy by the end of 2035.
Besides crypto mining, several other sources affect the environment by releasing harmful gases such as carbon monoxide, methane, nitrous oxide and carbon dioxide and several others.
If regulators in a specified country or region structure a rule to stop mining, those rules should apply to all other industries that harm the environment in a similar proportion.
The global crypto mining industry is segmented into a number of factors including components, revenue source, mining operations, application, and geography. The economics of crypto mining include cryptocurrency prices, mining difficulty, hardware costs, energy expenses, block rewards, and transaction fees.
Cryptocurrency mining expenses can depend on different categories, including hardware costs, energy costs, cooling costs, maintenance and repair costs, and transaction fees.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
