Oil, Gas, and Mineral Law Commons^™

Is Bitcoin The New Gold? The Two May Be More Similar Than You Think, Including Their Value, Uses, And Deleterious Effects On The Environment, Justin Allen

Environmental and Earth Law Journal (EELJ)

In the 1850s, the Gold Rush started in the United States, and in 2010, an analogous phenomenon, the Cryptoboom, began. Similar to the Gold Rush, Bitcoin’s initial boom was marred by the deleterious effects that mining for valuable coins had on the environment, but there are steps that can be taken to mitigate the negative effect cryptocurrencies have on the environment. Cryptocurrencies, including Bitcoin and the blockchain technology that powers cryptocurrencies, have been widely embraced by many people, corporations, and even entire governments for a multitude of reasons. Some have embraced the fruits of blockchain to use as a decentralized …