news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Emergency – 100X Crypto coin just abi – jaldi karo #bitcoin #cryptocurrency

    Emergency – 100X Crypto coin just abi – jaldi karo #bitcoin #cryptocurrency

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Emergency – 100X Crypto coin just abi – jaldi karo #bitcoin #cryptocurrency

    Emergency – 100X Crypto coin just abi – jaldi karo #bitcoin #cryptocurrency

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

No Result
View All Result
news4global
No Result
View All Result
Home Business

NFTs and Cryptocurrency could have a profound impact on Utah environmentally

April 8, 2022
Reading Time: 3 mins read
0
NFTs and Cryptocurrency could have a profound impact on Utah environmentally
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

June 1, 2023
Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

June 1, 2023

SALT LAKE CITY (ABC4) – Non-fungible tokens (NFTs) and cryptocurrency are the new hot topic among bullish cyber-investors. What you might not know about, however, is NFT’s significant impact on the global climate.

There’s a lot to learn for readers new to the NFT conversation. An extensive write-up on what NFTs are, how they work, and why they go for so much money can be found on ABC4 here.

In simple terms, an NFT piece of digital property, most frequently taking the form of a piece of digital artwork. What makes NFTs unique, however, is their uniqueness. Most NFTs are literally one of a kind.

The core technology behind NFTs that authenticates this uniqueness is based on cryptocurrency, which in turn is “mined” through extensive computational processes that are recorded in a kind of shared digital ledger independent from any national economy or material backing.


UTAH HOUSING: Is the Utah housing market a bubble and will it pop?

This technology, however, has an extensive environmental cost. The process by which NFTs and cryptocurrency backing is “minted” or “mined” is extremely energy-intensive by design; this keeps the NFT and crypto markets from being flooded and inflated. Some evaluations of the energy cost of all of Bitcoin, for example, put the cryptocurrency on par with the annual energy consumption of a small country.

Whether one thinks that this energy cost is worth the benefits of an independent innovation in global currency probably comes down to their opinions on energy use, national economies, and bullish investing. Utahns, however, can benefit from understanding how business in their state is involved in this eco-unfriendly market.

ABC4’s digital reporting team reached out to several local Utah companies engaged in the NFT market to hear their take on the environmental impact of their business, especially as far as Utah itself has the potential to be impacted.

Tim Nielsen, cofounder of Utah-based NFT company Cloutchain, said the goal of their company is to be “the next level of fan engagement and social media content.” Cloutchain specialized in NFTs that are designed to connect fanbases with their favorite artists and creators.


CRYPTO: UK plans rules for some cryptocurrencies amid global effort

ABC4 asked Nielsen what Cloutchain is doing to combat the environmental costs of NFTs. Nielson acknowledged that there “is some validity” to the claims about NFT’s high energy costs, but explained that “the reason for that varies dramatically between the network and blockchain” that the NFT is involved with.

In simpler terms, Nielsen explains that the specific iteration of cryptocurrency the NFT is backed by changes its overall energy cost. Cloutchain specifically is backed in the cryptocurrency Polygon, which according to Nielsen is much more energy-efficient than others.

Nielsen also contended that NFT and crypto technologies are constantly improving in order to perform the same computational processes with lower energy prices, as this would result in lower costs and higher profits. In other words, there is a business incentive for NFT companies to reduce energy costs and become more eco-friendly by result.

“If there is another, more efficient cryptocurrency than Polygon, Cloutchain will switch to it,” confirmed Nielsen. He also mentioned the possible switch to renewable energy for blockchain-based currencies and products.


UTAH GAMING: U of U proves video games aren’t just for fun

When asked about NFT’s potential environmental impact on Utah specifically, Nielsen commented that it really depends on the networks of computing centers that work to generate cryptocurrencies etc. It is more likely that NFTs and cryptocurrencies have a more significant impact on global climate and environmental change than any localized impact based on computational centers and networks.

That being said, Utah is home to quite a few mining server locations. Their overall high energy demand could result in increased energy prices statewide, especially if they increase in number.

Nielson commented that, “Utah has an active population of innovators, creators, and artists” that can benefit greatly from crypto and the NFT market, and referenced Utah as a leading early-adoption location for the industry and technology.

Tags: ArtbitcoinClimate ChangeCryptocurrencyEarth DayeconomyEnvironmentalfinanceinvestingnftNon-fungible tokenspolygonSalt Lake City
Share76Tweet47

Related Posts

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

by admin
June 1, 2023
0

Price: (as of - Details) To calculate the overall star rating and percentage breakdown by star, we don’t use a...

Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

by admin
June 1, 2023
0

Price: (as of - Details) LinkBuds S noise canceling wireless headphones automate your audio experience with ultralight wireless ear buds...

Logitech High-performance USB Headset H540 for Windows and Mac, Skype Certified

Logitech High-performance USB Headset H540 for Windows and Mac, Skype Certified

by admin
June 1, 2023
0

Price: (as of - Details) Logitech USB Headset H540. Plug into high-performance audio for PC calls, music, and more. Simply...

Wireless Gaming Headset with Microphone, Gaming Headset Stereo 7.1 Surround Sound, Foldable Headphones with Comfortable Earpads, Wireless For XBOX, Wire for PS5, PS4, PC, Mac, Android, Switch (White)

Wireless Gaming Headset with Microphone, Gaming Headset Stereo 7.1 Surround Sound, Foldable Headphones with Comfortable Earpads, Wireless For XBOX, Wire for PS5, PS4, PC, Mac, Android, Switch (White)

by admin
June 1, 2023
0

Price: (as of - Details) Wireless Gaming Headset with Microphone, Gaming Headset Stereo 7.1 Surround Sound, Foldable Headset with Comfortable...

ESSPOMNCE Wireless Earbuds, Bluetooth Earbuds, Earphones Wireless Bluetooth with Charging case, Ear Bud & in-Ear Headphones IPX6 Waterproof, Wireless Ear Buds with Mic Auto Pairing for Android iPhone

ESSPOMNCE Wireless Earbuds, Bluetooth Earbuds, Earphones Wireless Bluetooth with Charging case, Ear Bud & in-Ear Headphones IPX6 Waterproof, Wireless Ear Buds with Mic Auto Pairing for Android iPhone

by admin
June 1, 2023
0

Price: (as of - Details) 【One-Step Auto Pairing & Universal Compatibility】Our Bluetooth headphones with one-touch pairing technology. Take out the...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

June 1, 2023
Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

June 1, 2023
Logitech High-performance USB Headset H540 for Windows and Mac, Skype Certified

Logitech High-performance USB Headset H540 for Windows and Mac, Skype Certified

June 1, 2023
Wireless Gaming Headset with Microphone, Gaming Headset Stereo 7.1 Surround Sound, Foldable Headphones with Comfortable Earpads, Wireless For XBOX, Wire for PS5, PS4, PC, Mac, Android, Switch (White)

Wireless Gaming Headset with Microphone, Gaming Headset Stereo 7.1 Surround Sound, Foldable Headphones with Comfortable Earpads, Wireless For XBOX, Wire for PS5, PS4, PC, Mac, Android, Switch (White)

June 1, 2023

Latest News

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

JAKO Gaming Headset, Headset with Noise Cancelling Microphone-Gaming Headphones for Xbox Series X, Xbox Series S, Xbox One, PS5, PS4, Mobile & PC with 3.5mm Jack (Black)

June 1, 2023
Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

Sony LinkBuds S Truly Wireless Noise Canceling Earbud Headphones with Alexa Built-in, Bluetooth Ear Buds Compatible with iPhone and Android, Black

June 1, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global