Bitcoin’s Climate Problem

As the grandfather of all cryto-currency, Bitcoin is facing criticism for it’s energy consumption. Is there merit and could the currency actually help sustainability?

? Some companies are already using the BTC computer servers to balance the load of utilities grid much like Google servers.

? Many argue that renewableenergy due to it’s lowest cost is a necessary source of powering in the competitive markets to mine.

? Others state that ‘off-chain’ transactions like the Lightning network will lower electricity use.

? Many corporations are pouring into Bitcoin on their balance sheets like Tesla‘s 1.5 Billion hedge. Does this contrast with the environmental goals?

? Often not discussed is how much energy is used by the existing banking systems, their buildings, skyscrapers, atm’s, servers and the fuel wasted with back and forth travel to brick and mortar facilities. Is Bitcoin friendlier to the environment than the global banking system?

For more, please visit https://www.nytimes.com/

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