Bitcoin is not likely to ruin our planet within the next 20 years.
A recent scientific report came out saying that bitcoin was going to ruin our climate and therefore our planet, within the next couple decades due to its energy consumption.
The report pointed out the large amount of energy the bitcoin network consumes, specifically through its proof of work mining algorithm.
Based on the current mining environment, researchers were able to extrapolate and came up with a very disturbing conclusion.
Their conclusion was that if the current energy consumption continues and bitcoin catches on in a major way like may investors believe it will, the energy consumption could result in something like a 2 degree C rise in global temperatures.
Which, according to scientists, is just above the threshold that would cause devastating effects globally to our climate.
More about it can be seen here:
Interesting, but not so fast...
The thing the researchers seem to have ignored and only briefly mentioned is the current fuel types that are used to generate this electricity.
Currently much of the mining is being done in China where the carbon foot print is very large.
However, there has been a much stronger push lately for more renewable and greener sources of electricity.
Hydroelectric dams have become very popular as well as large solar mining operations.
Which means the numbers that they used in their report are likely meaningless because mining will likely continue to go the renewable and greener route in the future.
Which means...
Their entire thesis gets thrown out the window.
(Source: https://greenyflat.com.au/dec-8-2017-bitcoin-climate-disruption/)
Conclusion:
The current source of electricity for much of the bitcoin mining is leaving a large carbon foot print.
However, that is already changing and likely to keep changing in the near future.
It is already moving to more renewable sources.
Which means, no bitcoin is not going to ruin the planet in the next couple of years.
It makes for a good headline though doesn't it?!
Stay informed my friends.
Image Source:
https://www.cointelligence.com/content/bitcoin-mining-contributes-to-climate-change/
