Crypto mining energy and pollution vs Fiat paper currency

[Yugocean]

Nowadays, the digital age is going on, due to this the possibility of digital economy is also increasing. Many people do not like the digital currency economy, and argue against it, one of them is mining energy and pollution.

According to the opponents of cryptocurrencies, mining energy causes energy to be wasted on the one hand, while pollution also increases on the other. Therefore, instead of crypto, the current fiat currency is the right one.
This may be a good reason against digital currency, but we need to know the other side as well.

Fiat currency currently operating globally is a paper currency, cotton and linen are used for currency paper and several special types of ink are used for printing. A lot of energy is spent in the manufacture of paper and ink itself and there is unbearable pollution, after which additional energy is also spent on printing.

For the above reasons, it does not seem appropriate to attribute mining energy and pollution to cryptocurrencies.​

 

[arunima25]

Many including Elon Musk have said that crypto currency mining is energy consuming and is not environment friendly. That was the reason many have to oppose the cryptos mining. This might be a hype. I read an article about that. It mentioned that traditional banking system across the globe is consuming more energy than crypto mining. In fact crypto mining consumes much less energy than that. We can not stop traditional banking system and fiat currency for consuming money.

 

[sincerem]

Since both uses energy to mine, and causes pollution too, in the environment. One shouldn't be singled out for criticism in any way. I just like the way Cryptocurrency is created, in digital form which can't make you lose your money especially when you store it with stable coins, it will simply remain that way. But in Fiat currencies careless people might rumple the cash, or mistakenly tear the paper, which is loss of money.

 

[Yugocean]

@arunima25 Elon Musk only made excuses for not keeping the promise he made in the past, he already knows what is blockchain mining and what is pollution.

@sincerem Although it is also possible to burn cryptocurrency, it requires some technical procedures. Then people already know that paper currency is very fragile, the most delicate of cryptocurrencies is the wallet - the paper wallet.​

 

[sincerem]

@arunima25 Elon Musk only made excuses for not keeping the promise he made in the past, he already knows what is blockchain mining and what is pollution.

@sincerem Although it is also possible to burn cryptocurrency, it requires some technical procedures. Then people already know that paper currency is very fragile, the most delicate of cryptocurrencies is the wallet - the paper wallet.​

I heard that burning Cryptocurrency means halving the quantity the owner have mined, adding to the price value. Or slashing the price tag to compensate for the total amount of coins mined, which is circulated, and the one at reserve. I am talking based on clue, I'm not sure, you can correct me if I'm mistaking dear.

 

[btaliat]

Your article will only affirm the fact that there is conspiracy against bitcoin as I always opined. Bitcoin and other cryptocurrencies have started since 2009. How come the intense war against him using the alibi of pollution is now much pronounced? The simple answer is that the capitalist don't want the masses to be financially free.

 

[Yugocean]

I heard that burning Cryptocurrency means halving the quantity the owner have mined, adding to the price value. Or slashing the price tag to compensate for the total amount of coins mined, which is circulated, and the one at reserve. I am talking based on clue, I'm not sure, you can correct me if I'm mistaking dear.

For your query. burning the crypto will increase the value a bit, miner/owner of crypto will not earn any profit because this way the value will just divide equally to all.
And for main point to thread is that, burning the crypto is hardly polluting unlike burning the physical products, so crypto have edge over this too.

 

[Josemendez]

Nowadays, the digital age is going on, due to this the possibility of digital economy is also increasing. Many people do not like the digital currency economy, and argue against it, one of them is mining energy and pollution.

According to the opponents of cryptocurrencies, mining energy causes energy to be wasted on the one hand, while pollution also increases on the other. Therefore, instead of crypto, the current fiat currency is the right one.
This may be a good reason against digital currency, but we need to know the other side as well.

Fiat currency currently operating globally is a paper currency, cotton and linen are used for currency paper and several special types of ink are used for printing. A lot of energy is spent in the manufacture of paper and ink itself and there is unbearable pollution, after which additional energy is also spent on printing.

For the above reasons, it does not seem appropriate to attribute mining energy and pollution to cryptocurrencies.​

I totally agree with you on this , sadly the government are using the excuse that cryptocurrency Mining is hazardous to the environment to cover the actual reason why they do not want to accept crypto . The Fiat money consumes energy the same way it is with crypto . Infact , the paper used in producing them causes environmental pollution during production.
Secondly , crypto miners are currently turning to gree energy.

 

[sincerem]

For your query. burning the crypto will increase the value a bit, miner/owner of crypto will not earn any profit because this way the value will just divide equally to all.
And for main point to thread is that, burning the crypto is hardly polluting unlike burning the physical products, so crypto have edge over this too.

Good to hear this from you, I'm satisfied with the answer you gave. I just wonder why countries are disillusioned when it comes to crypto burning, mining and the rest. Saying, it consumes much energy that it is harming to the environment, by causing pollution. Where as, the minting of the Fiat currencies are similar to that.

 

[Josemendez]

Good to hear this from you, I'm satisfied with the answer you gave. I just wonder why countries are disillusioned when it comes to crypto burning, mining and the rest. Saying, it consumes much energy that it is harming to the environment, by causing pollution. Where as, the minting of the Fiat currencies are similar to that.

Cryptocurrency burning doesn't consume any energy. It is just about destroying the coin by sending it to an address which is not compatible with the coin , thus there is no energy demand here. Just ignore the normal energy that is associated with the word " Burning ". Outside this , cryptocurrency mining and paper production for minting money both consumes energy

 

[Josemendez]

Good to hear this from you, I'm satisfied with the answer you gave. I just wonder why countries are disillusioned when it comes to crypto burning, mining and the rest. Saying, it consumes much energy that it is harming to the environment, by causing pollution. Where as, the minting of the Fiat currencies are similar to that.

Cryptocurrency burning doesn't consume any energy. It is just about destroying the coin by sending it to an address which is not compatible with the coin , thus there is no energy demand here. Just ignore the normal energy that is associated with the word " Burning ". Outside this , cryptocurrency mining and paper production for minting money both consumes energy

 

[sincerem]

Cryptocurrency burning doesn't consume any energy. It is just about destroying the coin by sending it to an address which is not compatible with the coin , thus there is no energy demand here. Just ignore the normal energy that is associated with the word " Burning ". Outside this , cryptocurrency mining and paper production for minting money both consumes energy.

I know Cryptocurrency doesn't consumes much energy, its just normal amount, and it happens during mining. Apart from crypto mining of different mining i don't see where energy is used around crypto. Since it is done digitally, and the coins is sent to any address with simple tap to the destination we want it.

Fiat currencies minting uses considerable amount of energy to meant, it uses electricity to minting those papers that is used as exchange for goods and services.

 

[Alexandoy]

Pardon me for admitting that until now mining of crypto is still vague to me. I couldn't understand the concept of using the computer for that activity to earn. What is the purpose of mining to the economy? When mining gold and other precious stones the purpose is to come up with a commodity for jewelry. With mining I don't see any benefit except the earning of crypto which is only a digital commodity.