Bitcoin is regularly accused of destroying the environment. According to an analysis by The New York Times, the Bitcoin network consumes 91 terawatt hours of electricity per year, or 0.5% of global electricity consumption. Mining farms that generate cryptocurrencies using powerful computers would be a real waste of energy.
Various environmental groups, including Greenpeace, are demanding that players in the cryptocurrency industry change their guns, as part of a campaign called “Change the code, not the climate.” On the startup’s website, NGOs refer to mining as: Proof of Work or Proof of Work. This is the process of securing transactions recorded on the blockchain.
“Leaders like Tesla’s Elon Musk, Block’s Jack Dorsey and Fidelity’s Abby Johnson have had Bitcoin and the power to drive change”from internet users bombarding leaders with messages in social networks.
However, a few studies are coming nuances of alarmist observation Greenpeace et al. According to a study by Galaxy Digital, Bitcoin consumes 2 times less electricity than gold and banks. Additionally, it will be reminded that many miners rely on renewable energies to reduce the energy footprint of their operations. Coinshare, a respected analyst firm, even estimates that 73% of the energy used by bitcoin mining is green.
