Heat It Up: how HOT is Bitcoin mining?

News / October 31, 2018 / Comments: 0
31.10 post

Currently, the idea that Bitcoin mining may threaten the environment builds a lot of hype and makes headlines around the world. Many world-famous newspapers assure that BTC mining can cause the global warming ruining the world climate.

Bitcoin as a global warming accelerator

All the media claims are based on the research reported by the scientists from the University of Hawaii. According to the report, Bitcoin “could alone produce enough CO2 (carbon dioxide) emissions to push warming above 2°C within less than three decades.”

Bitcoin has nothing to do with that

Another experts oppose this view. They consider it to be “reckless” and “dangerous, irresponsible, and misleading.”

Eric Masanet, a scientist from Northwestern University, also objects to the study. He provides three counter-arguments against the Hawaii research:

  1. There is a tendency of global power sector decarbonizing.
  2. Mining sector gets more energy efficient.
  3. All estimates are exaggerated and doubtful as they are based on the idea of rapid growth of cryptocurrency adoption.

Arman Shebai, an expert from Lawrence Berkeley National Lab in California, supports Masanet’s standpoint. He states, you need to mine coins non-stop for more than 100 years to produce enough carbon emissions to heat planet up.

Energy source really matters

In August, Katrine Kelly-Pitou, a scientist from the University of Pittsburgh, also spoke out against the Hawaii scientists’ research. She believes that worries about Bitcoin’s energy use are inflated. Katrine assures, it all depends on an energy sources. The expert advocates mining in the regions having tons of renewables.

Elegro team takes good care of the environment providing nature-friendly blockchain solutions. As a blockchain acquirer dealing with both fiat and cryptocurrencies, we try our best to have options for any “global scenario.”

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