The Aspiring Answers to Bitcoin’s Enormous Energy Footprint
Following a tweet from Elon Musk highlighting Tesla’s suspension of bitcoin payment acceptance due to sky-high energy needs, the industry quickly responded by highlighting the capable solutions that already address this drawback. Musk’s Comments Conveniently Ignore Reality of Blockchain Innovation Ever the commentator on all things crypto, Elon Musk took to Twitter on May 13th to explain that Tesla would suspend customer purchases of cars with bitcoin (BTC), pinning the decision on the network’s power consumption as the catalyst. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP....
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The comparison between Bitcoin and Visa's energy use, reached several highly misleading conclusions, our columnist says.
Bitcoin energy consumption has been at its highest historical levels since late 2020, according to Digiconomist’s Bitcoin Energy Consumption Index. The recent surge of Bitcoin (BTC) price has driven notable growth in the amount of electricity consumed by Bitcoin miners, spurring another wave of argument in the community over the ecology of the seminal cryptocurrency.According to the latest data from Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin energy consumption has been at its highest historical levels since late 2020, with the estimated annual consumption level staying above....
The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible. The debate around the environmental impact of the Bitcoin mining ecosystem is heating up once again as academics have provided a fresh dose of perspective on the subject. In an opinion piece written by Noah Smith, a former assistant finance professor turned columnist, took aim at the Bitcoin (BTC) mining industry in March, suggesting that the constantly growing energy consumption of the network is simply unsustainable. Smith’s belief is that more countries....
In the latest Cointelegraph video debate, experts discuss pathways towards making Bitcoin more sustainable. In the latest Cointelegraph Crypto Duel, founder of Digiconomist Alex de Vries and CEO and founder of Blockchain for Climate Joseph Pallant debated the intensity of Bitcoin’s footprint and possible paths forward to reduce it. As pointed out by de Vries, Bitcoin’s energy consumption has been increasing together with its network. The analyst predicts its carbon footprint could increase tremendously as Bitcoin gets closer to mass adoption.“I fear that this will quickly get completely....
The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable-energy-focused. Bitcoin network’s proof-of-work mining consensus has been a topic of environmental, social and governance debates for a long time, and a new study may only add to the growing controversy around Bitcoin’s carbon footprint.A new research report titled “Revisiting Bitcoin’s carbon footprint” published in the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban might not have contributed to the....