Byte Into IT: Understanding The Environmental Impacts Of Blockchain
It’s easy to think that cryptocurrencies have minimal impact on the environment as they don’t require printing of anything physical. However, Professor Yang Xiang joins the Byte Into IT crew to explain the technologies and processes, like blockchain, can use an extraordinary amount of computer power, and therefore electricity.
According to the Dean of Swinburne’s Digital Research and Innovation Capability, research that shows that “one Bitcoin transaction would generate the carbon dioxide equivalent to 707,000 swipes of a Visa credit card”. He says it is vital that we figure out how to conserve energy in these processes. But he doesn’t think that comes down to the individual. Professor Yang Xiang says there are two ways: “One is from the regulation point of view and the other is from the technology point of view.”