Cryptocurrency: A Challenge to the Planet in ...

Cryptocurrency: A Challenge to the Planet in the 21st Century

Author Name : Christi Mariam Denny, Olivia Ann Mathew

ABSTRACT

Cryptocurrency holds the potential to revolutionize our economy and although it is often referred to as the technology of the future, Bitcoin, and other cryptocurrencies are putting that same future at risk with a devastating impact on the environment. The consequence of one of the twenty-first century's most promising technologies is brutal. It is because numerous arguments surrounding it are heavily reliant on a highly energy-intensive process. This paper emphasizes the major impact of mass-energy consumption of cryptocurrencies on climate change. A major focus will be placed on the top two cryptocurrencies: Bitcoin and Ethereum. There is a prime focus on various alternatives such as proof of stake and depleting proof of stake methods that are more energy-efficient methods to mine cryptocurrencies.

Keywords: Cryptocurrency, Energy consumption, Bitcoin, Ethereum, Proof of Stake, Proof of Work

JEL Codes: E44, P18 & Q54