Virtual Currency Causing Real World Problems


The state of NY is considering banning crypto mining that relies on burning fossil fuels. While the US is the in the process of shutting down or converting to natural gas the old coal and power plants, bitcoin and other crypto mining is threatening the transition to clean energy. There are more than 10 or so mining companies that have set up operation in upstate New York, converted coal plants, which used to power tens of thousands of homes, to power the solving of complex math problems.

Why It Matters:

Virtual currency is supposed to do good. It is supposed to give access to money and transaction to people who previously did not have access. The fact that is it bringing back online dirty forms of power is a travesty. If we continue on this path, it will mean that crypto currency will be associated with destroying the planet instead of saving.

How does this fit into the larger trend:

Renewable energy is the answer. Clean, abundant power is fed into the grid everyday and excess power has no where to go, often wasted. It is crucial we pair clean energy crypto mining to power a future world, where we can have our virtual cake and eat it too. There are already folks doing it - check it out.