Top reasons why you should not touch crypto:
1. Energy Consumption:
- Bitcoin’s annual energy consumption is estimated to be around 100 TWh (terawatt-hours) as of 2021.
- This is comparable to the energy usage of entire countries like Argentina or the Netherlands.
- Ethereum, another major cryptocurrency, consumes approximately 45 TWh annually.
2. Carbon Footprint:
- Bitcoin’s carbon footprint is estimated to be around 46 Mt CO₂ per year.
- This is equivalent to the emissions from about 10 million passenger cars driven for a year.
3. E-Waste:
- The rapid evolution of mining hardware contributes to e-waste.
- In 2019, it was estimated that Bitcoin mining generated around 30,700 metric tons of e-waste.
4. Volatility:
- Bitcoin’s price has experienced extreme fluctuations. For instance, it reached an all-time high of nearly $65,000 in April 2021 but dropped significantly afterward.
5. Social Inequities:
- The top 1% of Bitcoin addresses hold over 90% of the total supply.
- This concentration of wealth raises concerns about fairness and inclusivity.
