Environment

This week cryptocurrencies are on the rise as altcoin hit a new high. However, the majority of altcoins are in an overbought market environment.

Leading U.S. lawmakers and members of a select community concerned with water, ocean and wildlife want the environmental impact of cryptocurrency mining assessed. A total of 23 members of Congress signed the letter to Environmental Protection Agency Administrator (EPA) Micheal Reagan.

The impact of the cryptocurrency industry on the environment has become an issue of great concern. Some countries like China have even decided to restrict their activities like mining and transactions.

Volcanoes are known for their catastrophic destructive potential. The citizens of Pompei knew this full well. However, with the advancement of mankind, even this mighty force of nature does not seem so scary anymore. Some crazies have found a way to harness it for profit. For bitcoin mining, for example.

China, a workshop for more than 65% of the world's bitcoin, has taken a tough stance against crypto mining and related transactions, including a total crackdown on bitcoin mining.

Elon Musk's recent tweet that Tesla would stop accepting bitcoin for the purchase of their electric cars is a bit contrary to the truth about bitcoin mining today and in the near future.

On April 21, the Singaporean Blockchain Association signed a memorandum of understanding with five other countries across the Southeast Asian and Pacific regions. The aim was to create a consortium and promote education on blockchain and decrease cautiousness about cryptocurrency.

The advent of cryptocurrency was not welcomed globally or by everybody with warm hands. There are many countries that have or tried to ban Bitcoin, but still continued using blockchain, the technology supporting cryptocurrency.

Amidst global digitization, the cryptocurrency industry is constantly growing. Some countries remain alerted to the industry, while others create favourable conditions to take advantage of it to boost their economy.