Cryptocurrencies are notorious for being bad for the environment, is there a way to make it better?
A study titled “”Rethinking Bitcoin’s Carbon Footprint” showed that Bitcoin may be responsible for 65.4 megatonnes of carbon emissions per year. This is about the same amount as the entire country of Greece.
China’s crackdown on bitcoin mining has not fully impacted these expected numbers, mainly due to later findings. China mining continuesSimply put, no amount of restriction makes a difference. Bitcoin was created to resist regulation and censorship, so even if a country bans mining, that wouldn’t stop an individual from building his own mining rig at home.
high energy consumption
The high energy consumption of the mining process is not a drawback. It’s a feature. Bitcoin mining is the process of validating token transactions without third party intervention. This verification process uses a lot of energy, using the computing power of thousands of mining machines.
This whole process used to be possible on home computers, but since the early 2000s mining hardware has evolved with the advent of application-specific integrated circuits (chips made specifically for mining Bitcoin). Because these machines are always on, they generate a huge amount of consumption that approaches the energy used in countries such as: Netherlands Also Chile.
Miners buy the electricity they use, much of it generated from fossil fuels. Burning these fuels releases greenhouse gases, warming the earth’s climate and causing pollution that is harmful to human health.
That’s not the only problem. Competition among miners drives the use of energy, and that competition intensifies as the value of Bitcoin rises.
As of May 2021, computers in the Bitcoin mining network are: 180 quadrillion guesses per secondand each BTC token sold for $36,000 that month, rising to $57,000 in December 2021.
Energy use – in numbers
By June 2022, the global Bitcoin network will have 14.34 gigawatts That’s enough to power about 14.4 million American homes. This is approximately 126 terawatt hours (TWh).when you take Average 10.6 cents/kWh, amounting to about $13.4 billion. Additionally, mining energy consumption hit a record high at the end of 2021, surpassing 200 terawatt hours.
All this does not explain the damage to the environment caused by these activities. 284 million trees To offset the impact of Bitcoin mining!
Blockchain technology and cryptocurrencies offer new opportunities in every industry, from finance and banking to media, healthcare, entertainment and e-commerce. But unfortunately, these troubling stats take the focus away from their benefits and put the spotlight on how harmful they are to the environment.
As a result, much of the public is hesitant to adopt Web 3.0 and its components.
Due to the bad press that cryptocurrencies have received, good projects that are making a real effort to mine sustainably are drowning in the hype before they even have a chance. Several innovative projects, such as Cardano (created by the co-founder of Ethereum), whose proof-of-stake model eliminates mining, and Ripple, which will be carbon-neutral by 2030, are working on Bitcoin mining. has appeared in response to the influence of
Among these projects are Megatech (MGT)is a South African-based company that ensures sustainability through blockchain technology.
Megatech is the world’s answer to energy problems, implementing the ultimate green and sustainable energy technology.
All over the world, especially in Africa, there is a high demand for green power supply. MGT combines cutting-edge solar energy technology, innovative storage technology and a dynamic financing model to ensure high returns and short turnaround times.
All token holders will benefit from the financial benefits of Megatech-owned solar power plants. The first power plant, Project Beta, will be a 60MW solar farm containing 100MWh of technology that will allow users to sell green renewable energy at peak rates to blue chip publicly traded companies that have already signed contracts with Megatech. increase.
Furthermore, 40% of all monetary profits from this project and all future projects will belong to MGT Solar (PTY) LTD. A company independently managed by trustee directors on behalf of token holders participating in the performance staking program.
Megatech also partners with various companies in the renewable energy space and has contracted one of Africa’s leading EPC tech teams to execute their vision. Their initiative is 100% ESKOM (National Energy Board) compliant.
Climate change is no longer a problem of the future. here. Still, we have been slow to address these concerns and transition to sustainable energy while maintaining our way of life and bringing the endless opportunities and benefits of blockchain technology and mining to individuals and businesses around the world. There is no such thing as too much.
Megatech’s vision to become the number one blockchain technology company follows a passion for sustainability and improvement. If we could allow users to earn crypto in the process of solving one of the biggest problems plaguing our planet, that would be the icing on the cake.