5/25/2023 0 Comments Latinum cryptoThe future of cryptocurrency is currently unpredictable. We are thrilled to be a part of this project.” Most Recent This benefit can aid in the popularity of Bitcoin Latinum as many individuals are yearning for more involvement in their currency.Ī representative from the Bitcoin Latinum Foundation states that, “We understand the necessity for cryptocurrency mining and hosting companies to expedite the use of renewable energy solutions to reduce emissions and advance toward net-zero electricity consumption emissions. The crypto utilizes a representative government model that allows its community to participate in various mechanisms and existing protocols. PoS consensus model also allows for Bitcoin Latinum to have a true democratic eco-system. This form of mining allows for a greater amount of crypto to be generated at once, resulting in lower energy consumption than the Proof of Work (PoW) system that Bitcoin is currently using. This private sector-led initiative has already garnered a fair amount of participants who have agreed to support the development of new technology and lowering their environmental footprint.īitcoin Latinum utilizes a Proof of Stake (PoS) model that provides added mining rights to crypto miners that have bigger sums of coins. This next-generation crypto has just recently joined the Crypto Climate Accord, a treaty inspired by the Paris Agreement to decarbonize cryptocurrency and the blockchain process. Bitcoin Latinum is a Bitcoin hard fork that aims to utilize its namesake's algorithm, source code, and protocol to improve upon its flaws and make the currency less energy-intensive, more secure, and faster. Further, Nature Climate Change released a report in 2018 stating that Bitcoin alone could push the global warming temperature past 2☌ by 2050 half a degree Celsius higher than the recommended global temperature from the Paris Agreement.īitcoin Latinum essentially contains all the positives of traditional Bitcoin without as many environmental downsides. According to an article published by Princeton University, Bitcoin produces an annual carbon footprint of 34.75 megatons, equivalent to the yearly energy usage of the entire country of New Zealand. The process of working with complex coding systems uses an immense amount of energy, resulting in an extraordinarily high environmental footprint. Once mined, the new coins are added to a ledger where they enter into circulation for purchase. One of the main environmental factors regarding crypto results from mining the process in which high-tech software and complex coding systems are utilized to mine for a new cryptocurrency. How Bad is Cryptocurrency for the Environment? This has led to an increase in consumer demand for sustainable alternatives to be implemented into the industry. More and more data is being released indicating the significant footprint that crypto carries. Despite this, the growing concern for climate change coupled with the unexpected demand for crypto has led many to question the environmental impact of this decentralized currency.
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