Study shows that Bitcoin mining could exacerbate climate change

[Brazio]

Many people have discussed the fact that miners would have a great opportunity to gain from setting up operations in small communities and towns, trying to attract more and more people to this practice, without taking into account the fact that they basically consume all the energy electric community.


For others, these accusations of excessive energy consumption are exaggerated. Jonathan Koomey of the Stanford University highlights the fact that there is not enough information to come to a true conclusion about how much electrical power the cryptocurrency mining needs.


On this point, Professor Christian Catalini of the Massachusetts Institute of Technology (MIT) explained how mining equipment is usually customized and assembled with very varied components, which makes it difficult to obtain serious and consistent information on the use of energy.


However, a novel investigation alleges that Bitcoin has a huge energy problem. The study also suggests that energy consumption could become a problem as countries continue to try to be in line with regulations to mitigate the impact of climate change.


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[CryptoTC]

For others, these accusations of excessive energy consumption are exaggerated. Jonathan Koomey of the Stanford University highlights the fact that there is not enough information to come to a true conclusion about how much electrical power the cryptocurrency mining needs.

On this point, Professor Christian Catalini of the Massachusetts Institute of Technology (MIT) explained how mining equipment is usually customized and assembled with very varied components, which makes it difficult to obtain serious and consistent information on the use of energy.

However, a novel investigation alleges that Bitcoin has a huge energy problem. The study also suggests that energy consumption could become a problem as countries continue to try to be in line with regulations to mitigate the impact of climate change.

Bitcoin has a public perception problem due to its energy consumption. Adjustments could be made to mining protocols to help with that. Ever-increasing renewable energy sources could help. Iceland with its large geothermal energy resources is an ideal setup for bitcoin mining, if the government doesn’t take steps to discourage it.

Until bitcoin addresses this, it will continue to be under fire from those with legitimate concerns about the environment and our energy impacts on it.

 

[Old Man Crypto]

The assessments are useless without a comparison of how much energy it takes to run banks. They take construction energy, lights, computers, gasoline for customers, use natural resources to create, generate waste products including paper as well as building leftovers.

All of that has to be compared to bitcoin's electricity use to have a fair idea of what bitcoin does to the world. We can’t just say it uses this much energy. That’s incomp