![]() There are more sustainable systems in the works. If you want to find out more about how NFTs work then check out our article here. ![]() ![]() Selling just one piece of artwork on ethereum has a carbon footprint equivalent to a one-hour flight, according to research. NFTs, or non-fungible tokens, run mainly on the ethereum blockchain system, and their generation consumes a large amount of power. NFTs are virtual tokens that use blockchain technology to claim proof of ownership of valuables such as digital artwork and virtual property. Non-renewable energy sources such as coal, the dirtiest fossil fuel.Vast amounts of electricity to power complex algorithms.High-powered computers which compete to verify transactions in return for coins.It is the level of computer processing power required to mine cryptocurrency that is worrying environmentalists. Bitcoin mining uses more electricity each year than Sweden Why is cryptocurrency bad for the environment? Want to know more about bitcoin? Read our Should you invest in bitcoin? article. New eco-friendly cryptocurrencies on the horizon.Is there an eco-friendly cryptocurrency?.The environmental impact of cryptocurrencies such as bitcoin.Why is cryptocurrency bad for the environment?.The amount of electricity consumed by bitcoin mining a year could boil enough water for all cups of tea consumed in the UK for 30 years, according to the Cambridge Bitcoin Electricity Consumption Index.īut are there any eco friendly cryptocurrency alternatives? One of the main concerns about cryptocurrencies including bitcoin and ethereum is their lack of environmental credentials.
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