Big Eyes, Solana, and Dogecoin Tackle the Climate Crisis

Cryptocurrency and environmentalism aren’t two words that we often see hand in hand. Cryptocurrency has gained a bad name for itself regarding its carbon footprint, and as a result, many people avoid the currencies due to their large emissions output.

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However, some coins have taken this on board, changing the game and actively making a positive environmental impact. Three coins doing this are Big Eyes (BIG), Solana (SOL), and Dogecoin (DOGE). In this article, we’re exploring what each coin is doing to combat the negative effects of cryptocurrency on our environment while asking, is this enough?

Why is Crypto Bad for the Environment?

Cryptocurrency mining, which is an essential feature of the coins, is an automated process that validates transactions without the need for third-party intervention. This ensures that the currencies are separate from personal control and devoid of foul play, maintaining the security of blockchains that use proof-of-work consensus.

However, this process depends on the computational power of thousands of mining machines, using a huge amount of energy. In most countries where crypto is mined, the main power source is fossil fuels. Therefore, the huge energy use of these machines results in the release of tonnes of carbon into the atmosphere – one of the main driving forces of global warming.

To put these emissions into perspective, Bitcoin uses an estimated 85TWh of electricity, making up 0.38% of global energy production, more than Belgium and Finland (according to energy estimates made in 2019). Meanwhile, Ethereum has a comparable power consumption to Switzerland.

Every year Bitcoin produces approximately 36 thousand tonnes of electronic waste, which has a devastating impact on the environment and is very difficult to remove. Needless to say, these damaging figures need to change. Statistics were found here on Investopedia.