Crypto Has Gone Mainstream, But What Impact Will It Have On The Environment?

<p>Colorado is the first state to announce that it will accept bitcoin and other cryptocurrencies as payment for taxes.</p> <p>COLORADO SPRINGS, CO — According to Digiconomist, the carbon footprint of a single bitcoin transaction, which can take several minutes to complete, is equivalent to the power consumption of an average US household for 77 days. That same transaction is worth more than 2.7 million visa card transactions or 200,000 hours of YouTube viewing.</p> <p>Bitcoin has a carbon footprint of 114 megatons per year, equivalent to the Czech Republic, and consumes the same 200 terawatt-hours of power as Thailand, a country of nearly 70 million people.</p> <p>Regardless, bitcoin and other cryptocurrencies are on the verge of becoming mainstream in Colorado. Gov. Jared Polis announced on Feb. 25 that Colorado will be the first state in the country to accept cryptocurrency for tax payments, raising the question of what further cryptocurrency expansion might mean for the environment.</p> <p>An executive order signed by President Joe Biden on Wednesday calling for a more thorough examination of cryptocurrencies also seeks to reduce cryptocurrency's environmental impact, indicating that the technology has a bright future.</p> <p>Cryptocurrency, for those who have successfully avoided that side of the internet, is a type of digital money that is represented by computer code and uses encryption technology to ensure its security. The blockchain, an unavoidable term when discussing cryptocurrency, is a digital ledger that records cryptocurrency transactions.</p> <p>When it comes to bitcoin, the most popular cryptocurrency, "miners" compete every 10 minutes to solve a complex mathematical puzzle for the right to add blocks of transactions to the ledger. The fastest puzzle solvers are currently rewarded with 6.25 newly created bitcoins, which is equivalent to $245,000.</p> <p>According to Mandy DeRoche, an attorney with EarthJustice, the rise in popularity of cryptocurrency has resulted in a noticeable increase