Not for The Environment? 🌍

Table of Contents

Not for The Environment?

NFT’s have been all the buzz lately. With people like Mark Cuban and Jalen Suggs minting their own NFT’s, the innovative technology burst onto the scene in 2021, grabbing everyone by storm. Unfortunately, everything has its downsides, and today we will focus on the impacts NFT’s have on the environment.

To understand, we need to know how exactly the process of minting an NFT works. Each NFT contains a unique line of code that is inserted into a blockchain, which is a digital ledger of transactions that is stored on the overall enterprise blockchain. When someone clicks to mint one, the process of mining begins. Computers go through many cryptographic puzzles, spending hours and hours trying to crack it, and the miner who answers first gets their NFT added to the blockchain.

The mining is the fatal flaw; the process of creating an NFT has been estimated to create 200 kilograms of carbon, which is terrible considering how popular NFT’s are becoming. Even worse, the continuation of mining leads to more complex puzzles, causing the computers to use more energy in the future. Like the current problems with global warming, blockchain mining goes in a continuous loop that is destined to create problems for our Earth. With how dire the situation with climate change is, NFT’s have suddenly become dangerous.

However, there are steps that we can take to fix this. Most of the electricity used to power mining computers comes from fossil fuels, which we all know is dangerous. By using clean energy sources such as wind and solar power, we can take an alternate approach to creating electricity in a much better way for the world. What do you think about this? To continue using this landmark technology, we need to advocate for clean energy instead of using fossil fuels we know will kill us and future generations.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Market Recap – September 28th 💰
29 September, 2023

After the 10-year Treasury yield bond fell off from its 15-year high, investors added some value back into the market, focusing all short-term attention on Friday’s PCE price index reading.
The Crude Oil Bust 🛢
28 September, 2023

Surging global crude oil prices, driven by factors like OPEC+ production cuts have pushed U.S. West Texas Intermediate futures to over $95 per barrel.

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.