Blockchain News

Concerns about the cryptocurrency’s energy use are overblown

Today, all bit­coin miners con­su­me about as much electri­ci­ty as is gene­ra­ted by the lar­gest hydro dam in the United States, appro­xi­mate­ly 6 GW. Also often mis­sing in this rela­ti­on are reli­able esti­ma­tes of the signi­fi­cant envi­ron­men­tal impact and car­bon foot­print of the tra­di­tio­nal finan­cial sys­tem, e.g. phy­si­cal metals extraction.

The still exis­ting lack of trust in cryp­to cur­ren­ci­es may exist due to envi­ron­men­tal con­cerns, par­ti­cu­lar­ly amongst tho­se most con­cer­ned about issu­es like glo­bal war­ming. But about 80% of electri­ci­ty cur­r­ent­ly used for the Bitcoin mining is alrea­dy deri­ved from rene­wa­ble ener­gy what inde­ed stands in strong con­trast to popu­lar mar­ket belief.


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