Bitcoin Mining Issues Beyond Excessive Power Usage: An Analysis

Bitcoin mining has always been under scrutiny due to its high power consumption. However, a recent New York Times report highlighted that high power consumption is not the only problem with Bitcoin mining. The challenges of the intense process of creating OG cryptocurrencies range from increased environmental pollution to human resource impacts. The following analysis highlights some of the key issues associated with the Bitcoin mining process.

Bitcoin mining destroys real estate values ​​and disrupts wildlife.

A New York Times study highlighted that the biggest problem with Bitcoin mining lies in the amount of sound it produces. The noise of computers generating trillions of calculations every second tends to disrupt the normal processes of life. But despite many countries’ strict laws on noise pollution, many mining agents find loopholes to cheat the system.

However, one could argue that collateral damage from intensive operations such as mining should truly be ignored. Researchers highlight that the extreme noise produced by these large machines can cause lack of attention, heart palpitations in older people and, in extreme cases, lifelong hearing problems.

The NYT article also highlights that the negative impacts of large-scale Bitcoin mining sites could also result in the destruction of wildlife. All of these factors together lead to the devaluation of real estate near mines.

As Bitcoin Mining Rises, E-Waste Cradles Increase

Long, extreme processes like Bitcoin mining are likely to generate significant amounts of electronic waste. According to Investopedia, Bitcoin mining generates approximately 77 kilotons of electrical waste as a byproduct annually. A recent analysis found that each dollar of Bitcoin value created in 2018 cost the U.S. economy $0.49. The same figure costs the Chinese economy $0.37.

In a recent study, the University of Mexico highlighted the differences in pollutant emissions per kWh of energy produced in the United States and China. These are two countries where a lot of Bitcoin mining takes place. The search utilized this to determine the health and environmental impacts of each coin produced, or “cryptocurrency harm.” Studies have shown that climate impacts such as carbon dioxide emissions from power generation and exposure to sulfur dioxide, nitrogen oxides, and fine dust are all byproducts of cryptocurrency mining. This has serious health implications, as these substances are known to increase the risk of premature death.

In China, 89% of cryptocurrency damage affects human health. The remaining 11% is due to climate change. Approximately 40% of cryptocurrency damages in the United States are related to health issues, and 60% are related to climate change.

From Depression to Long Working Hours: Human Resources Issues in Bitcoin Mining

A cumbersome process like BTC mining requires a long time and constant monitoring. Contrary to what some proponents claim, Bitcoin is not a fixed, rule-driven, incentive-compatible system, according to a Princeton study. Since this industry is a 24*7 employment operation, people typically work long hours, work heavy shifts, and experience a lot of fatigue. It also causes depression and other psychological problems for people working in the industry.

However, there is still a large gap in terms of the negative impacts of cryptocurrency mining. Most researchers mainly focus on how cryptocurrencies affect the environment. However, the impact of these cumbersome processes on those working in this industry has not yet been properly explored. This provides room for future analysis and discovery.

✓ Share:

The content presented may include the personal opinions of the author and may vary depending on market conditions. Do your market research before investing in cryptocurrency. Neither the author nor the publication accepts any liability for your personal financial losses.