Ethics & Cryptocurrency

[Debashis]

From an ethical and environmental standpoint, what are the most pressing concerns related to cryptocurrency mining, and how should the cryptocurrency community address these multifaceted issues? Delve into the ethical considerations surrounding the energy consumption of proof-of-work cryptocurrencies, the centralization of mining power, and the potential environmental consequences. Share your insights on the responsibilities of miners, blockchain projects, and the broader community in promoting eco-friendly practices and ethical standards, and discuss potential solutions to mitigate the environmental impact of cryptocurrency mining operations.

 

[Riberet19]

Although for many years this issue was of considerable concern, today there are many cryptocurrencies that use the proof of stake protocol that is not harmful to the environment and cryptocurrencies that operate under the proof of work protocol are transitioning towards green energies mining, for example, according to recent data, 60 percent of bitcoin mining is with green mining, so little by little the risk of contamination will continue to reduce.

 

[Nomad]

From an ethical point of view, crypto can be used for a lot of things from avoiding tax to money laundering, funding terrorism, using for illegal activities, etc. From an environmental perspective, crypto uses a lot of energy in mining, thus leaving a carbon footprint.