The ideal that unites most young millennials to invest in cryptocurrency is their strong belief in a better and more accessible financial system for everyone.
Over the years, we have been disappointed — and we lost faith in the political and the corporate financial apparatus. Nevertheless, very few among us aspire to see a relative destruction of the financial system. We only want to contribute to it. We want to improve it the same way our elders understood the need to enhance the world order after the financial depression and the two world wars.
Our main goal is to help create more value while, at the same time, improve the quality of life on earth. It is not possible without a deep re-structuration of our financial state. That is why we fiercely advocate for a change, granting greater economic freedom to the people and restoring a more genuine faith in the system for the next century. We believe that blockchain and cryptocurrency may help find the answer.
Also, we understand the necessity for the world to have a more sustainable living structure. Never have we had a generation more enthusiastic about faith in liberal values and responsibility in protecting our planet. For us, it is non-negotiable that our desire to make a profit exceeds our commitment to protect the earth.
The past weeks’ selloff in cryptocurrency markets is a living testimony of that. It happened because, despite the recent cryptocurrency success, we are concerned about its reliance on fossil fuels and energy usage for its operation. In just a week, $250 billion evaporated from the bitcoin market alone. Why? Because many great minds among us have voiced their concerns about the energy consumption of cryptocurrency mining. Those operations increase carbon emissions, which negatively affect climate change.
According to Ember’s data, the bitcoin network uses 121 Terawatt-hours of electricity every year, translated into more than 35.95 million tons of carbon dioxide emissions each year. This is as much energy consumption in one year as for a country like Argentina. Furthermore, to make it worse, 65% of miners are located in China, a country that generates over 53% of the world’s total coal-fired. Can we accept that? Definitely not.
The cryptocurrency revolution must be beyond financial success. It should show how responsible we can be while creating the financial value we want for the Future. It is out of the question that we tolerate coal and other fossil fuels to drive cryptocurrency mining operations.
If we choose not to raise our concerns now, it will not be just an irresponsible approach but also an act of suicide; because bitcoin’s carbon footprint will be exponentially worse as its price rises over time.
We should articulate a vision around making it possible for crypto miners to produce bitcoin and other cryptocurrencies in a more sustainable way, which means:
- More energy efficient digital transaction method.
- Create incentives for mining centers to be in places where renewable energy can overproduce electricity during low demand and soak up that excess power for mining.
- Encourage the creation of mining pools powered by clean energy that runs on energy generated by hydroelectric resources.
We genuinely believe that crypto is the Future. But for this to be a responsible reality, it must be sustainable. There is no doubt the future of power will be renewable, and so should be the future of crypto mining. Our desire for gain and profit must not go against that.
