According to a survey, the environmental impact of cryptocurrency mining is insignificant

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Last Updated on June 22, 2022 by Bitfinsider

Arguments about cryptocurrency and its possible influence on the environment have resurfaced during the last few years. Many people believe that cryptocurrency mining is harmful to the environment. They argue that mining bitcoin and equivalent cryptocurrencies consumes too much energy, posing a variety of issues and risks that will eventually be dealt with by our children and younger generations.

Crypto mining does not appear to be a major source of concern for many people

However, according to a survey by Forbes, those who believe this way are in the minority, with 84 percent of people believing that crypto has little or no environmental impact. Many traders are unconcerned about the consequences, claiming that the amount of energy required to mine digital currency is far lower than most people believe.

According to the poll, almost 58 percent of participants feel that crypto mining has no influence on the environment, while an even smaller percentage believe that crypto mining has only a minor impact on the planet’s atmosphere. Only 6% of survey respondents believe that crypto mining poses a severe threat to the planet’s future.

According to Joe Sweeney, Managing Partner at Cornerstone Wealth, bitcoin and crypto mining companies around the world produce around 40 billion tons of carbon dioxide each year, with the United States accounting for about 37% of the carbon dioxide produced. In an interview, he said: “With so much focus on ESG investing, bitcoin mining has never been good from an energy consumption standpoint. Of course, it’s worse today given supply constraints due to the Russia-Ukraine war.”

The anti-crypto mining argument has been wreaking havoc on the sector for years, and it doesn’t help that high-profile figures like Elon Musk of SpaceX and Tesla are on the opposing side. Musk made news over a year ago when he stated that consumers of his electric vehicle company would be able to buy automobiles with bitcoin. This sparked a lot of excitement, but it only lasted a few weeks before Musk reversed his decision, citing concerns that the crypto mining industry was causing problems for the world.

Individuals such as Kevin O’Leary of “Shark Tank” fame were also involved. O’Leary stated that he would no longer buy bitcoin created in China because the country is not known for using ecologically friendly mining methods.

Horizon Wealth Investors’ director of investments, Owen Murray said: “The fact that crypto is created by torturing computers with pointless busywork to mine the coins is just further evidence of the absurdity of the entire cryptocurrency complex.”


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  1. The Intelligent Investor by Benjamin Graham
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  3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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