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Is Wall Street’s ESG a threat to the BTC industry?

Currencies / Bitcoin Jul 07, 2021 - 03:37 PM GMT

By: S_N_Chatterjee

Currencies

The energy consumption of Bitcoin transactions has been a hot topic for a while. The reason is that the technology used by Bitcoin’s mining transactions requires a considerable amount of electricity.

The majority of the energy Bitcoin consumes is from mining transactions. This consumption escalates when BTC’s price increases, since that leads to increased demand for coins.
It is a chain effect because coal-fired power stations mainly supply the electricity consumed by Bitcoin transactions. As we know, fossil fuels are not environmentally sources of energy.

Therefore, the more electricity is consumed, the higher the coal consumption and waste emissions increase, which in the long term contributes to global warming.

According to Digiconomist’s Bitcoin Energy Consumption Index, the annual power consumption of Bitcoin is around 118.9TWh and astonishingly can be compared to the consumption of countries like Pakistan (125.9TWh) and the Netherlands (117.1TWh).


What has BTC’s energy usage got to do with Wall Street?

Investors are concerned about Bitcoin’s impact on the environment and are looking to invest in assets with low or negative carbon footprints, in short: ESG (Environmental, Social, Governance ) sustainable investments.

Just recently, Elon Musk’s tweets about Bitcoin's mining technology needing to reduce the carbon footprint caused a huge uproar and sharp decline in the price of Bitcoin.

It seems the cryptocurrency industry is forced to explore alternative methods to reduce its carbon footprint drastically.

How does ESG affect crypto traders?

The good news is that Bitcoin is not the only coin available for trading. There are a plethora of other coins that consume considerably less energy than Bitcoin.

Take Cardano, for example; it is a digital currency that is far more sustainable than Bitcoin. According to its developers, Cardano only consumes 6GWh of energy. In addition, 1000 Cardano transactions can be achieved in 1 second, compared to Bitcoin's seven transactions.

Cryptocurrency brokers like MrGuru offer many cryptocurrencies to trade, among which is the Cardano coin. In addition, Mr Guru offers crypto trading on a WebTrader platform with quick order execution functionality. You do not have to download the software; it's accessible through your browser from any mobile device.

MrGuru's other benefits include a dedicated support team to assist customer's queries and guide them through their online trading. They also accept multiple forms of payment such as wire transfers, credit/debit cards, and e-wallets, thereby providing fast deposit and withdrawal methods. Another stand out feature is monitoring trade activities for any suspicious behaviour ensuring your account remains secure.

Bottom Line

The crypto industry is actively implementing methods to reduce its carbon footprint by developing greener coins. However, it still does not replace Bitcoin’s energy load and finding ways to minimize this is more important than ever. MrGuru's broad offering of more environmentally friendly crypto is a move in the right direction. It is our responsibility to join brokers like these who promote sustainable investments.

By S N Chatterjee

Copyright 2021 © S N Chatterjee - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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