The environmental cost of cryptocurrency mines

Bitcoin, Ethereum, Litecoin and Monero – the names of digital-based ‘cryptocurrencies’ are being heard more and more frequently. But despite having no physical representation, could these new methods of exchange actually be negatively impacting our planet? It’s a question being asked by researchers at The University of New Mexico, who are investigating the environmental impacts of mining cryptocurrencies.

“What is most striking about this research is that it shows that the health and environmental costs of cryptocurrency mining are substantial; larger perhaps than most people realized,” said Benjamin Jones, UNM Researcher and asst. professor of economics.

Cryptocurrency is an internet-based form of exchange that exists solely in the digital world. Its allure comes from using a decentralized peer-to-peer network of exchange, produced and recorded by the entire…