Issues With Bitcoin Mining Beyond Excessive Power Usage: Analysis
Bitcoin mining has always been under scrutiny for its high power consumption. However, a recent New York Times report highlighted how the only issue with Bitcoin mining is not its high electricity consumption. Problems with the intense process of creating the OG cryptocurrency range from increased environmental pollution to human resource implications. The following analysis highlights a few key issues associated with the Bitcoin Mining process.
Bitcoin mining crumbles property value and disrupts wildlife
The New York Times research highlighted how the foremost problem with Bitcoin mining lies in the amount of sound it creates. Computer noise that produces trillions of calculations every second tends to disrupt a normal course of life. However, despite strict laws in many countries regarding noise pollution, many mining agents find loopholes to trick the system.
However, one might argue that the collateral damage of an intensive task like mining should genuinely be ignored. Researchers highlight that the extreme noise caused by these big machines creates issues like lack of attention, palpitation among the elderly, and in extreme cases even lifelong complications in hearing.
The NYT article also highlights that adverse implications of a big Bitcoin mining site can also result in disruption in wildlife. All these factors together contribute to the devaluation of a property that is near a mining site.
E-waste increase cradles as Bitcoin Mining rises
A lengthy and extreme process like Bitcoin Mining is likely to produce a significant amount of e-waste. According to Investopedia, the mining of Bitcoin generates almost 77 kilotons of electrical garbage per year as a byproduct. According to a recent analysis, for every $1 in value of Bitcoin created in 2018, $0.49 in damages to the US economy were caused. The same number comes in at $0.37 in losses to China’s economy.
University of Mexico in a recent study highlighted different emissions of pollutants connected with each kilowatt hour of energy generation in the US and China. These countries are two nations where a lot of Bitcoin mining takes place. The search utilized this to determine the effects on health and the environment, or “crypto damages,” for each coin produced. The study found that climate impacts like carbon dioxide emissions from the generation of electricity, exposure to sulfur dioxide, nitrogen oxides, and fine particulate matter, are all by-products of crypto mining. This causes severe health impacts because these substances are known to raise the risk of premature mortality.
Eighty-nine percent of crypto damages in China are attributed to human health consequences. The rest is accounted for climate change with the remaining 11 percent. About 40% of crypto damages in the US are related to health issues, and 60% are related to climate change.
From depression to long working hours: Bitcoin Mining’s human resource complication
A cumbersome process like BTC mining requires long hours and constant monitoring. According to research by Princeton, contrary to what some supporters assert, Bitcoin is not a fixed, rule-driven, incentive-compatible system. Since the industry is a 24*7 employed work, it usually causes people to work for long, have hefty shifts, and sustain a lot of fatigue. Additionally, this causes depression and other psychological problems for those working in the industry.
However, there is still a huge gap in this aspect of the negative impact of crypto mining. Most researchers mostly focus on how crypto impacts the environment. However, the implication of this cumbersome process on those working in this industry is still not explored properly. This gives room for future analysis and discoveries.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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