The cryptocurrency and the blockchain technology offer and open up many previously limited opportunities and platforms, however, they come at a great environmental and sustainable cost..as the cryptocurrency continues to soar, its energy consumption is also following the same trail.

According to Cambridge Bitcoin Electricity Consumption Index (A tool that calculates the currency’s energy use created by researchers at Cambridge University), the cryptocurrency’s energy use has reached an equivalent to the annual carbon footprint of Argentina as it passed its $50,000 mark and as Bitcoin hit another record on Saturday, it has reached a comparable amount of the carbon footprint of Switzerland as stated by Digiconomist (Bitcoin Energy Consumption Index)

Yet somehow the crypto optimism seems to undermine the significance of these values and energy consumptions.

There are several possible solutions that are currently presented on the table such as replacing “proof of work” with “proof of stake”, the utilization of renewable energy, switching to more sustainable cryptocurrencies such as Tezos, and offsetting carbon footprints of these transactions. However, they each present their own challenges, thus, the sustainability of the cryptocurrency is still a long learning process.. and I do not think we have the luxury of time in this case.