A German software developer has donated around $1 million from his Bitcoin profits to a political party around the region. The political party that received the donation shared this new information, currently causing some buzz in the digital asset space. Bitcoin, which recently skyrocketed due to some market movements, has enriched millions of its holders, making many people see notable profits.
The spokesman from the political party explained that the developer sees the wealth accumulated from ‘undeserved wealth’ and has given a huge part of his crypto holding to the group. Bitcoin, which became highly successful, has attracted investment from even institutional investors.
Developer calls Bitcoin ‘undeserved wealth’
While many holders are happy with the latest growths, other people like the developer might be seeing the new price growth as an undeserved wealth. The region’s local news source, Hamburg-based news Die Zeit, revealed the donor’s identity as Mortiz Schmidt, a software developer. He sent one million euros, which is roughly $1.2 million.
He donated the money to the region’s Green party, and the party has shown their gratitude for his attractive donation. Like most people, the developer who holds Bitcoin made massive gains during the bull run and has decided to help the environment through his donation to the Greens.
The expert prefers helping a cause than to just holding his crypto as he sees it as an undeserved wealth. The spokesman explained that the donor does not want to use his crypto gains for himself but for social causes that help with his believes. The representative explained that the developer critically looked at Bitcoin and realized the crypto consumes a huge amount of electricity.
It’s safe to note that mining firms use huge data to mine digital assets and make them available for consumers. Interestingly, the group shared that his donation is the highest the part has gotten this year, even though it has seen other large donations as high as 500,000.
Energy consumption from Bitcoin’s effect
The party explained that all the accumulated donations would be used for various purposes, such as Germany’s federal election campaign and states as well. Many people are interested in making the world a safer place for the environment as Bitcoin holders hope the digital asset would have a lesser impact on the ecosystem. Many people have explained how the digital asset’s electricity consumption is putting a toll on the environment and negatively affecting society.
Some raised an alleged claim that the industry uses more energy than the whole of Argentina, following the problems with power consumption. Some experts have clarified that only regions with adequate electricity are used for mining, and China is notably one of the most used regions for mining Bitcoin.
The region is home to the mining industry’s most prominent miners, and many firms are within the region, which is actively mining Bitcoin. Some people like Mike Colyer have seen the opportunity as a means for the world to look into renewable energy.