Environmental Issues & Implications of Cryptocurrency Market: A Theoretical Study

1P. Mary Jeyanthi and S. Radha Rammohan

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Abstract:

This paper decides to discuss the Environmental Issues & Implications of Cryptocurrency market. Since many studies and research is already happened regarding Cryptocurrencies and Blockchain working methodologies; but only a couple of papers discussed the environment perspectives and its impact of the growth of these digital asset modules. It is very hard to believe that the world without the Internet, Air Conditioner, Vehicles or the Cash. Technology plays a major role in every individual life and environment. Now the serious implications are Environmental issues. People are living longer with technology and anyway it does come with a price. Cryptocurrency or Virtual currencies are the money of the future. In this digital age, Cryptocurrencies become a global phenomenon. Even though Bankers, Scientists, and developers are having limited knowledge about cryptocurrencies. Despite its virtual nature, Bitcoin mining requires a massive amount of processing power and in line, energy. One of the major problems is still not being effectively addressed, namely, the energy consumption of transacting across many of the biggest Blockchain networks in the industry. This issue, which has grown exponentially over the past few years, shows no signs of slowing down and continues to cause environmental degradation along the way. Since this paper provides the current insights of the environmental issues and discusses the possible alternatives are needs to adhere in the future.

Keywords:

Cryptocurrency Market, Bitcoin Currency (BTC), Blockchain, Environment Issues, Implications, Energy Consumption.

Paper Details
Month1
Year2020
Volume24
IssueIssue 5
Pages3473-3486