Professor, Qatar University John Trabi published a study entitled “Decarbonizing bitcoin: legal and policy solutions to reduce energy consumption blockchain technology and digital currency”, in which he described the harm to the environment from crypto and blockchain industry.
In particular, he notes that due to the limited issue of bitcoins every year the cost of mining increase, which in turn requires more equipment that consume “a huge amount of electricity.”
John Trabi stated that the processes associated with one bitcoin transaction, can provide electricity to the British house within a month.
According to him, cryptocurrency is the future, therefore, the humanity must design such a model of mining, which is not the consumption of electricity and emission of carbon dioxide into the atmosphere.
“A blockchain-the developers did not consider the impact of their projects on the environment, so we should encourage them to adopt a consensus-based protocols that do not lead to a large amount of carbon emissions. If we do nothing, developers will follow the same unsustainable path. We need to resocializarea the associated environmental costs, while continuing to promote the advancement of this important technology,” the study says.
To remedy the situation, the Professor proposes to introduce restrictions on the purchase and import of mining equipment and also to create favorable business conditions and to implement financial rewards for developers ‘environmental’ blockchains.
He also proposed to introduce taxation for cryptocurrency transactions, the amount of which will depend on the amount of energy consumed in transactions.
According to John, Trabi, the world needs to unite and begin to look for solutions to this problem now.
ForkLog previously reported that according to research analysts at the Swiss financial holding Credit Suisse, the growth of the industry bitcoin mining will not cause environmental catastrophe, despite the active power consumption.