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Do cryptocurrencies pollute?

Do cryptocurrencies pollute?

Dialogue with Eduardo Erlo, Marketing Manager of Status Network on the sustainability of cryptocurrencies and their environmental implications

Discussions about the high energy consumption and the socio-environmental impact generated by cryptocurrency mining are becoming more frequent among specialists. that pursue proposals inside and outside the crypto ecosystem that seek to reduce the negative footprint, based on the use of renewable energies.

However, almost all of the actions carried out by the human being leave a mark that causes damage to the environment, an example of this is the traditional financial system, but operating with crypto assets is no exception to the rule.

In this sense, in conversations with Eduardo Erlo Marketing Manager of STATUS NETWORK, he offered his impressions on the action of operating with cryptocurrencies and the different initiatives that are being carried out in the ecosystem to mitigate the environmental impact.

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Is it true that Bitcoin/ Ethereum pollutes?

In his opinion, operating with bitcoin/ethereum cryptocurrencies generates a large energy consumptionhowever, states that the changes that are emerging within the ecosystem should also be disclosed to mitigate this risk.

“It is not entirely accurate to say that. Currently, considering the number of running computers and node validators for blockchains, we can see a lot of energy usage for this purpose,” he maintained.

Adding that: “Although, most of the time, stating that it pollutes, without giving additional context or making clear the changes that are taking place so that it pollutes less, is just a political action. Different actions and plans, such as changing the consensus algorithms to reduce the computing power needed for transactions,” he added.

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Why is there so much talk in traditional media about the pollution caused by mining cryptocurrencies?

Although crypto assets are attracting the attention of more and more people around the world, still for many, this topic is alien. Given this lack of information, Eduardo Erlo comments that:

“It is mainly about the lack of understanding of the technology, the political actions and the vagueness about the real benefit that it brings to the population, as well as the initiatives to reduce the damage to nature that it produces. Again, a lot of things pollute more and have no real gain for society (only for a small number of people) and hardly anyone talks about it,” he explained.

Why do you think nobody talks about what contaminates the traditional banking system?

“Lack of understanding of who is the real bad guy here and what is the technology that is really trying to bring freedom into people’s lives. Also, centralized banks still have a lot of power in the media.” emphasized.

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What is your opinion regarding cryptocurrencies and the use of renewable energies to mine?

Eduardo Erlo, pointed out that: “Using renewable energy is a good idea for everyone, not only for cryptocurrencies. The use of renewable energy is just one of the things that the crypto market is trying to do to reduce the damage.”

And I add: “There are also other initiatives, such as the implementation of different mining algorithms (Proof-of-Stake), that do not depend on great computing power and massive energy use (Proof of Work)”, projection.

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To conclude the dialogue with Cointelegraph, the executive pointed out, the notoriety of the high use of electrical energy to operate with cryptocurrencies, However, in his opinion, this should not be the only approach that should be given to this practice, since this type of technology has much to offer society.

“No one denies the fact that Cryptocurrencies currently use electrical energy to function, it is very sad how people focus on the little bad things of a growing technology, which has a lot to offer society.”

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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