How Crypto Impacts the Environment and Why Bitcoin ATMs are the Most Eco-Friendly Way to Invest
Updated: 2 days ago
As Bitcoin becomes more popular and consumers learn more about it, attention has turned to the environmental impact of cryptocurrency, especially Bitcoin mining.
How much does cryptocurrency cost the environment? Does Bitcoin mining, which is how new coins are created, contribute to climate change? How do other industries like mining for gold compare to Bitcoin mining? And what is the most eco-friendly way of investing?
Environmental Impact of Bitcoin Mining
The most obvious impact of crypto to the environment is the electricity required to mine for new coins. Since there is only a limited amount of currency available, as crypto becomes more popular mining for coins - which is the process of validating and recording new transactions in the blockchain - has become harder and uses more electricity. And as the price of Bitcoin and other crypto rises, the more miners are competing which means more electricity is consumed.
For non-experts, mining for cryptocurrency is similar to solving a puzzle. Not the kind most people play with their friends and family over a cup of coffee and desert, however. Rather it is a very complicated and time-consuming process that once solved, then involves competing against other miners for the “prize” - newly minted Bitcoin
While it may not take much effort or electricity to solve a puzzle with your family at the kitchen table, Bitcoin mining uses an estimated 122.87 terawatt-hours of electricity every year, according to the Cambridge Bitcoin Electricity Consumption Index. To put that into prospective, that’s more energy than Argentina, the United Arab Emirates and the Netherlands use in a single year.
According to Digiconomist, a cryptocurrency analytics site, a single Bitcoin block may consume more than 2,000 kilowatt-hours of electricity to be mined. How much energy is that? About the equivalent of the power consumed by the average American household over the course of a little less than two and a half months.
How Bitcoin Mining Compares to Gold Mining
In today’s modern world we use notes, coins and cards, not to mention digital avenues to pay, but for centuries the world used gold for trade. So how does Bitcoin mining compare to getting precious metals out of the ground?
According to a November 2018 Nature research article, it takes five megajoules to mine $1 in gold and seven megajoules to mine an equivalent value of platinum.
While it’s not difficult to compare electricity use of Bitcoin mining to mining for gold or other precious metals, there is no question the impact on the environment is much higher when it comes to physical mining. Just of the few destructive side-effects of mining for gold or
include water contamination, destruction of habitat, air pollution and, of course, the risk of accidents to humans.
Bitcoin ATMs: The Most Eco-Friendly Way to Purchase Crypto
In comparison to removing precious metals from the earth or mining for Bitcoin, purchasing crypto by using a Bitcoin ATM is by far the most eco-friendly way of investing. Not only is a buyer purchasing crypto that is already in circulation, but the electricity to run an ATM is far less.
According to Wes Dunn, Senior Vice President of Sales and Marketing with Genmega, one of the leading retail ATM and kiosk makers, an ATM or kiosk uses no more power than a home computer.
“The energy consumption is fairly low because the entire ATM is running on a single 110-volt power outlet like those used to plug in a lamp in your home,” said Dunn. “The only time an ATM or kiosk is actually using a lot of power is when the machine is dispensing or accepting cash and that time is minimal - a few seconds at best.”
As crypto becomes more popular and Bitcoin ATMs begin popping up in your city, there is no need for environmentally conscious consumers to shy away from purchasing it through a crypto enabled ATM or kiosk. Crypto enthusiasts can rest assured the environment is not being impacted negatively by Bitcoin ATMs.
Invest in the Future of your Business
The popularity of Bitcoin and other cryptocurrencies is at an all-time high and as you’ve just read it’s the most eco-friendly way consumer can purchase crypto. Having a Bitcoin ATM in your business is an investment in the future. Hassle-free, it’s an easy way to entice new customers to your business, while earning recurring revenue.
Find out today if your business location qualifies for a Bitcoin ATM.
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