Bitcoin News
By James Thorp
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Brad Garlinghouse recently expressed, it’s great to see more and more individual players taking action to address climate change/use renewables for mining, but we need consensus…
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BTC is an exceptional store of value. It’s just not ideal as a payments mechanism bc of PoW energy costs / CO2 emitted (estimates show a weighted average carbon intensity of…
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As the price of Bitcoin goes up the energy consumption and the carbon foot print of a proof of work that mining that happens to validate transactions that continues to scale…
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When talking about the impact of Bitcoin mining on the environment, the statement “one Bitcoin transaction equals 75 gallons of gasoline being burned: triggered enough…
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However some users expressed that this is misleading for complicated reasons about Bitcoin being a non-geographically dependant energy sink.
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Some also stated, the whole idea of mining is to have a decentralized system. Trust without needing to trust particular individuals.
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Some also stated, this is debatable, not everyone is into mining, so please don't cast a long shadow because of a few bad eggs.
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The argument got further got fired up with statements like if you own BTC and are part of the mining “problem” that is how the blockchain settles transactions in a secure network.
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It also becomes important to take into consideration that BTC miners are switching massively to renewable resources like solar and dam electricity.
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Some pointed to how BTC uses roughly 32.56 TWh yearly and the banking industry uses around 140 TWh per year.
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Those who agree with Brad stated how many brains you need to understand that mining a Bitcoin will continue to become more complicated and will be more expensive.
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It just looks like until some hard core innovation dawns on reducing the Bitcoin energy mining, these kinds of arguments are set to continue.
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