Recently
European Commission Chief Ursula von der Leyen raised an alarm that because of Russia’s war in Ukraine most European nation are reverting to using coal for power generation. He retreated that instead of investments in gas infrastructure,
renewables or other alternatives, the extension of coal mining is considered the quickest and most viable solution for these European countries. We all understand that these EU nations need alternative source of power but the truth is that they are destroying the environment they claim to love dearly.
If it was Bitcoin operations, the entire so-called environmentalist would raise alarm and propose the ban of mining. This year
Erik Thedéen , the vice chairman of the European Securities and Markets Authority mentioned that bitcoin mining was doing harm to the environment and was setting back efforts to combat climate change. He further suggested outright ban of all forms of bitcoin mining that uses up an excessive amount of energy because it poses a threat to the continent’s climate goals. Crypto critics would quickly publicize the claim that cryptocurrencies was now consuming more electricity than
Argentina , New York or Belgium. Now all of them are silent that instead of investing in other green energy source, Europe is destroying Mother Earth with coal. Where is Bill Gate, Fahad Kamal, Nouriel Roubin, Elon Musk and other environmental champions? They are all silent.
But
cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded crypto mining companies say they are building or already operating plants powered by renewable energy, and industry executives have started arguing that demand from crypto miners will create opportunities for wind and solar companies to open facilities of their own. According to the
Bitcoin Mining Council , the worldwide Bitcoin mining sector is being powered by an estimated 58.5 per cent renewable energy by the fourth quarter of 2021. Its now very clear that Bitcoiners are now more environmntal friendly than EU.
Politics is all there is at the international globe and EU is not exempted from that. It's a great thing to know that cryptocurrency miners are doing all their best to create a mining system that is environmental friendly , that alone would to an extent shut the voice of Bitcoin critics at the end of the day when the plan is actualized to it's full potential.
The countries that have diverted to the use of coal for electricity production are also members of the EU and as such it's not surprising that no alarm has been made on the act, such actions could only discourage other countries struggling to develop renewal energy resources to drag feet.