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Bitcoin's Impact on the Environment



Feb.09 — Tesla’s $1.5 billion bitcoin purchase this week sent the cryptocurrency soaring to a record. Nic Carter, founding partner at Castle Island Ventures, …

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41 Comments

  1. Lame excuses Nic! Go ahead, capture that flame on top of a gas-plant rig.
    Just grab that flame and turn it in a bitcoin. And please return that tie to your father.

  2. There is no doubt about huge energy consumption in bitcoin mining. This may impact adoption. A possible solution is to build a mechanism within bitcoin which allows taking some percentage of transaction fees as cess for supporting renewable energy projects. If you can pay exorbitant fees for your transaction then you can also pay 5 percent of that fee for renewable energy. These funds should flow to renewable energy projects in developing and poor countries. This should be continued till there emerges a really cheap renewable energy source or technology.

  3. Saying bitcoin is bad for the environment is like saying using a phone is bad for an environment. Its fucking digital, it doenst emit anything. And the only energy that's used pertaing to bitcoin is when you mine, other then that that's it. This is just a way for the FED to get rid of it because they dont want ppl to have full control of their money 😒

  4. First of all: The small fraction of people who mine Bitcoin is a drop in the ocean compared to the energy the rest of society uses! What we need to lower the worlds CO2 production is more hydro-, wind-, and solar-power..!

    Ok, so i did some research, and it seems like – in the US – the kWh used at regular work produce around 75g CO2 for every dollar earned. In addition to this, you get an additional 67g CO2 per dollar earned, just from driving your car to work (32 miles total going back and forth from work seem to be average in the US). This totals to 142g CO2 per $ earned. In addition to this, you also have all the gasoline and diesel driven vehicles and machines used on workplaces (taxi, bus, trucks, excavators, dumpers, planes, boats, electrical generators, etc), which should add a substantial amount of CO2.

    When it comes to mining ethereum, the "AMD Radeon RX 5700 XT" gpu seems to be the most power efficient GPU. When mining ethereum, this will produce about 146,5g CO2 per $1 earned (this was calculated BEFORE the crash). Bitcoin mining with the "Antminer S19Pro" will have a CO2 footprint of about 428g CO2 per per dollar earned (again, BEFORE the crash. With current prices, it is 702g CO2, but i hope most bitcoin miners keep their earnings until prices increase). In comparison, a taxi driver who drives 7,5 hours on average per day, will produce around 670g CO2 per $ earned. People driving excavators and other "heavy equipment" probably use a LOT more fuel… One could argue that we need taxis and excavators more than we need bitcoin, and im not gonna argue with that.

    Im not invested in Bitcoin, and i do care about the environment, so whatever happens, i dont really care. Just hope the Bitcoin drama will stop affecting Ethereum prices so much, because i just really dont see why it should. Ethereum 2.0 is right around the corner, and from what i hear it will only have 1% of the environmental impact of todays Ethereum, and that is about as "green" as you can get from any profession…

  5. the government wants you to believe that cryptocurrency is harmful to the environment, but don't take their word for it, and allow me to explain why – Every household needs solar energy. The demand for solar energy will provide people with jobs, and we would likely not have to deal with town power outages had everyone had a self-sufficient installation in their own homes that would put them at less odds of missing out during a snowstorm, and having to wait for National Grid to fix the issue. That being said, I don't think crypto currency is the problem, I believe the problem lies with how our current electrical infrastructure is set up, but they don't want to talk about that because our government prefers to shift the blame and s*** on something that is in competition with its' currency, rather than to take a look within itself, because solar technology isn't anything new, yet not enough steps have been taken to implement it within society much sooner. Crypto is not to blame, it's the lack of initiative to take the steps needed in order to push this country toward clean energy, something that our government has been putting off for far too long.

  6. Meanwhile .. Facebook, IBM, Facebook, Amazon, etc run massive warehouses for their servers. But.. but.. people posting memes is necessary!

  7. The Traditional Centralized currency uses 300x the Energy than Bitcoin. But the Corporates Giants. Are removing the blame from themselves and pointing the finger at the little guy???? What's new? we have seen this before. Because with Cryptocurrency because of the way it works no one or one corporation or nation can monopolize it. That's why Governments and traditional investors of centralized inflationary currency hate it because they cant Consolidate it and monopolize it.

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  11. Hello, I'm new to bitcoin trading And have been making huge losses but I recently see a lot of people earning from it. Can someone please tell me what I'm doing wrong

  12. Bitcoin is an environmental obscenity, period. Sophistry can't hide its profound sins. History won't forget .

  13. Awe the suits are mad trying to bag on crypto meanwhile they’re portfolio is filled with oil etf and stocks

  14. “Traditional banking consumes 2.34 billion gigajoules (GJ) per year and gold mining 500 million GJ, while Bitcoin consumes 184 million GJ, less than 10% and 40% of traditional banking and gold mining, respectively. Additionally, Bitcoin mining’s estimated dollar cost per GJ expended is 40 times more efficient than that of traditional banking and 10 times more efficient than that of gold mining.”

  15. So BTC uses the energy from either Gas from Oil Mining and/or overbuilt and mismanaged green energy infrastructure. Well.. so we just have to continue mining for oil and suck at building green energy infrastructure. Does not seem like 'future' to me.

  16. Cardano proof of stake uses only a fraction of the energy of Bitcoin/ethereum proof of work

  17. Coinage Clause Law and Legal Definition Coinage clause is a provision of the U.S. Constitution granting Congress the power to coin money. Article I, section 8, Clause 5 of the Constitution says that “Congress shall have power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.”

  18. It's not just Bitcoin.. Even though it has been shown Bitcoin alone consumes more power than entire nations. It's classic human greed, as usual, which is, as always, the real damage.

    Bitcoin's stratospheric rise in value has, of course, skyrocketed the popularity of countless other cryptocurrencies. And I don't doubt many are busy creating new coins every day now…. If one weighs the impact of Bitcoin, plus all those alternative cryptocurrencies as well, then combines them moving forward?? Good god…. We're burning up all our natural resources inventing new fiat currencies! New ways to be greedy over here!!! Our descendants are going to be PISSED!

    But yeah, that's greed.. Greed never has worried about environmental impact, or how many people it crushes along the way, etc. etc… Only pure, self-serving desire for more.

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  20. 💚 IOTA 💚 Don't ask what the world can do for you, ask yourself what you can do to
    leave the lowest possible CO2 footprint for the world and our descendants.
    No miners, no greedy auditors, no broadcasting costs, no avoidable fees, etc.
    The world needs everyone to rethink, for the benefit of the entire world with its inhabitants,
    the future world, nature, clima, people and our descendants need 💚 IOTA 💚

  21. Mining is genuinely terrible for the environment. Difficulty keeps increasing and with it the amount of hardware and electricity required to power it. Not to mention the massive environmental footprint for manufacturing all of the hardware used in the industry a lot which just gets tossed once it’s no longer able to keep up with difficulty.

  22. Yes of course is disastrous as all the electronic transactions did we stop bank transfer too? Or should stop watch YouTube?

  23. except spend much energy, and the temperature get heat up whenn the mining computer working. people making this kind stuff not for human living. It make so much electronics trash if the mining computer keep upgrade. That is totally disaster fo the human futre

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