The Devastating Impact of Gold Mining Worldwide: Is There Any Hope in Sight?

Published On 2022-05-19

Gold is the world’s oldest precious metal. We regard it as a worldwide currency, a commodity, an investment, and simply an item of beauty. Moreover, Gold has a long and rich history of use in various industries. It has consistently outperformed other assets, owing to its unique qualities as one of the most malleable and ductile metals with a high melting point and great recyclability.

Unfortunately, the process of extracting gold is devastating. Gold mining is among the most environmentally damaging industries. It has displaced populations, tainted water, harmed workers, and damaged natural habitats across the globe. Moreover, it releases mercury, and other hazardous elements, which severely harm critical ecosystems.

Gold Mining’s Rising Environmental Problems

Industrial gold mining has a history of destroying ecosystems and generating pollutants in massive volumes. Firms produce around 20 tons of hazardous waste for every 0.333-ounce of gold due to filthy mining techniques such as open-pit mining. This waste, which is typically gray sludge, contains lethal chemicals and heavy metals.

Furthermore, gold miners often discharge poisonous waste into natural water bodies. For example, the Lihir gold mine in Papua New Guinea pours almost five million tons of hazardous waste into the Pacific Ocean, killing corals and other marine life. Every year, gold and other metal mining companies dump at least 180 million tons of trash into rivers, lakes, and seas, which is more than 1.5 times the amount of garbage that cities in the United States send to landfills.

Acid mine drainage is also an issue that causes ecological degradation in watersheds. It’s difficult to contain once the acid-generating rock is broken and exposed to oxygen and the surface environment. It can last for tens of thousands of years until the accessible sulfide minerals are depleted. The use of mercury in gold mining wreaks further havoc on human health and the environment across the world. It is used to extract gold and is a poisonous chemical that affects natural habitats.

Fixing the Problems with Blockchain Technology

Although various governments and global environmental summits have put forth plans to conserve nature, there has been limited effectiveness on the ground. Moreover, there haven’t been any opportunities to have a more direct and specific positive influence on the environment. Even the existing tools and resources have failed to aid in the resolution of this growing problem.

However, a ray of hope is now emerging, thanks to blockchain technology, which has enabled companies to build innovative solutions that help mitigate persistent environmental issues. And with this advantage of blockchain, we at Nature’s Vault are accelerating investment opportunities in ESG Impact and Natural Capital. Our mission is to start a movement to change the way we all invest in our planet.

For our first project, we have developed a tokenization protocol that monetizes the indefinite preservation of natural gold deposits which provides a gold-linked investment opportunity while simultaneously curbing the environmental and social impact of gold mining.

The $LEGACY token is created through NaturesGoldTM, our very own protocol of tokenizing independently quantified, in-ground gold deposits. Users can stake and earn using these tokens, with each token linked to a minimum of 0.01 grams of gold preserved in the ground. With this fantastic product, our objective is to revolutionize gold mining and provide a new way to achieve a sustainable future.

Making A Better World

The extraction of metals such as gold has significantly contributed to the destruction of Mother Nature. While governments and organizations have put measures in place, they have had limited effectiveness, and innovative and impactful initiatives are desperately required now. As a result, we are experiencing massive environmental degradation and rapid climate change.

There is still hope, though. And we at Nature’s Vault are doing our part to save the environment. While most other Web3 projects are interested solely in riding the hype train, we have been super focused on tackling real-world issues.

Ensuring that the planet is a better place to live for future generations should be the ultimate objective. Thanks to blockchain and the solutions that this technology is enabling, Nature’s Vault is now doing its part to make that a reality.

To learn more about Nature’s Vault, visit:
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