Bitcoin Climate Issue: Threat or FUD?
Bitcoin shouldn't be mined like Blood Diamond. You watched the movie Blood Diamond, right? If not, you should watch right away! Here you will see how people are mining diamonds using forced and child labor.
In the same way, Bitcoin should be mined in green away by using green energy like solar. This is the thought of investor, businessman, and entrepreneur Kevin O'Leary.
If miners can improve sustainability, they can attract more institutional clients and boost prices, Kevin O'Leary said at Consensus 2021. Source
Everyone is now talking about Clean Bitcoin. I have been hearing this term for the last couple of months. Elon Musk to Normal trader everyone is talking about it. Bitcoin is the cause of spending lots of energy, lots of electricity.
They are saying - if the miners can solve this issue and ensure mining clean Bitcoin uses less energy, we can see more institutions will be interested in it. We can see billions of dollars of investment in this crypto.
Is BTC really bad for the environment? Let's check the facts!
But I am puzzled about this "Green Bitcoin" issue. People who are talking about Green Crypto they all own big companies. For example, Elon musk owns a freaking rocket company! How much energy does that take for per rocket launch? He is not exactly doing this like Nasa doing it or since. Just imagine the amount of carbon emissions per rocket.
Let me express my feelings on this issue. I know carbon emission is a big problem for the future, and we need to look for green energy. That's what I can deny at all. We should go on the green path. But targeting only just Bitcoin and saying that Bitcoin is wasting so much energy, it's clear that you are not worried about power; you're manipulating the market. Because they're lots of other things which are wasting much more energy than Bitcoin.
Many of the projects that millionaires and billionaires are involved in are wasting much more energy, and when they are talking about Green Bitcoin, it's a complete shame. They're just creating FUD to buy the dip then manipulate the market again.
According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. Learn More
It is quite a large amount of energy. The united states alone use 4000 Terawatts of energy per year. Not surprisingly, the claim that Bitcoin mining uses more energy than a small country is based on the assumption that it is using substantially more energy than the estimated minimum. The graph you see everywhere is complete bs. None of these statistics are fair as Bitcoin mining isn't a kitchen appliance or a country.
It's a secure payment infrastructure that makes it possible to store and transfer value without an intermediary. BTC is like Digital Gold because of its design. So it would be fair if we compare Bitcoin mining with the energy consumption of gold mining, which uses about 130 terawatts of energy per year.
Suppose you were to compare the energy consumption of Bitcoin mining to that of the current financial system. In that case, it is estimated to be less than the power used by physical bank branches in the united states. Note that this doesn't count energy from all the corporate offices, atm servers, secure vehicles, and the massive regulatory infrastructure built around legacy finance. I am sure fed's money printers are also using a lot's of energy!
All these infrastructures aren't required for crypto and all the rules and regulations are built into the code itself. As I know, miners go for cheaper energy to mine their BTC. Because as I learn more affordable power means more profit. So in this way, miners are more concerned about green bitcoin than some Fudders who call them worried about nature!
I agree that solar and wind power can be generated everywhere. And of course these are great sources of green energy. The problem here is wind doesn't always blow and sun doesn't always shine. When it does, you get an insane source of energy. But a lot of it ends up wasted because we can't store it.
Don't get me wrong. I want green Bitcoin for sure. But it is complete bs when you see giant whales are talking about nature. All they want is cheaper BTC. If I ask you, what causing more harm to the environment?
Overpopulation, e-waste, fossil fuels, pesticides, chemical runoff, land desertification are probably on your list. Maybe even toxic solar panel waste, which will be even much harmful than plastic waste within 2050!
So Bitcoin or any crypto is bad for nature, and energy isn't quite right actually. It's easier for Fudders to convince newbies with their trash-talking about BTC, but if you really do a little analysis, you'll understand what is actually going on. The criticism of cryptocurrency is basically for the lack of understanding.
Or what I said, they just want to buy your coins at a lower price.
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