It Is Time To Turn The Tables On The Bitcoin Environmental Debate
Bitcoin’s infamous energy criticism is misguided as mounting research shows the exact opposite of those claims are true.This is an opinion editorial by Marie Poteriaieva, a Ukrainian-French crypto industry observer and educator, following the space since 2016.Bitcoin is routinely treated as an environmental pariah: its energy consumption is quite simple to track and quick-label as “anti-ecological.” This statement is wrong on many levels, but public opinion is rarely nuanced, and politicians often have little to lose by attacking Bitcoin on ecological grounds — at a (comparatively) small....
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Debate about the environmental effects of bitcoin mining has resurfaced following claims by an Australia-based sustainability think tank that bitcoin could eventually consume 60% of annual global electricity production. According to the Long Future Foundation's website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day. "Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent," notes the website. By multiplying these....
The New York State Department of Environmental Conservation (NYSDEC) has delayed its decision whether it will allow crypto mining firm Greenidge Generation to continue to use its power plant in the town of Dresden for bitcoin mining, according to a recent report from Bloomberg. The decision by the state’s Department of Environmental Conservation will now come by the end of March. Related Reading | Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction New York & The Environmental Debate The decision is now expected to come by March 31, two months later than....
Brad Garlinghouse weighs in on the Bitcoin energy debate by saying Ripple is a more energy-efficient alternative to the leading cryptocurrency. Speaking to CNBC, Garlinghouse said Elon Musk’s U-turn on Bitcoin was appropriate. Adding, it wasn’t surprising that the Tesla boss eventually flipped on Bitcoin, considering his environmental credentials. Bitcoin Energy FUD Two weeks ago, […]
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....
Twenty-three U.S. lawmakers have called on the U.S. Environmental Protection Agency (EPA) to increase oversight of cryptocurrency’s environmental impacts. “We request that the EPA evaluate ‘Proof-of-Work’ mining facilities’ compliance with environmental statutes,” they said.
Lawmakers Want More Oversight of Bitcoin Mining Industry
U.S. Representative Jared Huffman (D-CA) and 22 other Congress members jointly sent a letter to Environmental Protection Agency (EPA) Administrator Michael Regan regarding cryptocurrency mining operations....