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As said in the article, bitcoin has rapidly increased its price in recent years. The reason for this is that it finds buyers by gaining more fame day by day in the world and the number of miners increases rapidly. The fact that the miners consume more electricity than Sweden is really daunting. Of course, Bitcoin cannot be destroyed just because it creates energy pollution. However, regulations can be introduced for the use of cleaner energy sources. With a declaration prepared by the World Climate Organization and signed by the countries, the use of fossil fuels can be prevented by limiting the types of energy that Bitcoin miners will use. By limiting it to hydro energy or geothermal energy, it can be ensured that the 138Tw energy used becomes less harmful. Or, as said in the article we read, they can transfer Bitcoin to a more environmentally friendly software base. Countries have the power to do them. But they do not have the power to remove Bitcoin from the market. Because Bitcoin has a volume of about 700 billion dollars. If such a large amount of money is removed from the market, serious losses will occur with the company that has invested in Bitcoin, such as Tesla, and economic shocks will begin. The economic damage of these big companies affects all countries. There are certain moves that will make Bitcoin more beneficial to both the world and the economy. A more environmentally friendly mining system can be introduced. The software can be transferred to a more environmentally friendly base. In this way, countries can also use Bitcoin in their economies, as the harm of Bitcoin to the environment will be eliminated. I am of the opinion that such an active and independent currency will be beneficial to the national economies.
Bitcoin mining requires so much energy that power plants are needed to keep up with the recently resurfaced demand in the past couple years. With influencers such as Elon Musk who has been a predominant figure in this year’s “Eat the rich and to the Moon” stocks fiasco, his presence is hard to ignore in the world of stocks and cryptocurrency. Recently as stated in the article, Musk raved about bitcoin and urged his follower to follow in his footsteps and many obliged. Then after his followers boosted up Bitcoin, he decided to pull out with the excuse that he could support the negative environmental impacted indulging in bitcoin did. This caused a lot of people to lose money and felt as if their trust in a public figure had been betrayed. If I were to be looking for an adviser to buy and trade stocks, Elon Musk, an out of touch billionaire who probably sees it as a big game for him, would not be the first place I’d go to. The amount of energy required to create a bitcoin coin is ridiculous and upsetting to think about given the already fragile state of our environment. One excuse Bitcoin users/advocates make for what they are doing is that the world needs to secure a new currency for the future but at what cost?
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