Everyone who knows the amount of energy consumed by Bitcoin mining would agree that something should be done about preventing the insane amount of energy spends in the mining process. If the Bitcoin Network should become stable, something should be done about renewable energy and reducing the negative effects it has on climate change. Without a stable energy network, Bitcoin cannot be a success.
Using and transaction in Bitcoin does require energy. And, just like many people think it is not possible for it to become a world currency.
Users do agree that Bitcoin was the first digital asset to be based on blockchain tech. However, now, in 2020, more than 10 years after its inception, many feel that Proof of Work is obsolete.
They have to state that BTC is like the first car and that it should be put on display in the crypto museum. It is time for the next generation digital assets.
Stanley Druckenmiller, legendary investor stated, “I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value.”
When talking about BTC and Proof of Work, Sydney Ifergan, the Crypto expert tweeted: “Bitcoin has one problem for sure, the energy consumption, if something gets done about it going green with POW, BTC will continue to be the most immutable and most decentralized.”
All we need to get done is to make it possible for Bitcoin to run on much less energy. Several energy efficient models are gaining traction for BTC. A lot of green ideas for Bitcoin mining are around. Nothing is for free, this is also true about renewable energy.
Bitcoin mining requires electricity consumption. Therefore, it is electricity consumption that has the carbon impact. The energy consumption will be addressed either sooner or later. If energy consumption models for bitcoin are made more sustainable BTC will be here around in the long term.
The problem is about having an energy production process without carbon production. Huge tax cuts from the government for such innovations and several companies will fall in place.
Bitcoin (BTC) Last Word
A lot of decrying has been happening about Bitcoin’s energy footprint and a guilt feeling of someone getting deprived of energy because of Bitcoin is widespread. Electricity is hard to transport. For sustainability reasons, energy should be produced near highly populated areas.
There was an interesting article from CoinDesk about “The Last Word on Bitcoin’s Energy Consumption.”
It just looks like Bitcoin is not the problem and that nuclear is the solution.
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