TL; Fault DR
- Tom Garlic likens bitcoin mining to an environmental disaster.
- He says bitcoin miners can turn to a renewable energy source.
- A Cambridge University report says 39 percent of crypto miners use renewable energy.
Bitcoin is undoubtedly the largest and most functional digital asset in the digital currency market to date. Digital Assets, developed in 2009 by pseudo-founder Satoshi Nakamoto, has seen a nearly 700 percent increase in value. But despite the fact that assets give traders and investors a chance to make a profit, some people still oppose this asset. In the case of such people is a billionaire and environmentalist, Tom Sear. According to Syed, bitcoin can be compared to an environmental disaster.
Bitcoin mining power consumption
In an interview with Yahoo Finance, Syed noted that bitcoin consumes a lot of electricity during its extraction process. He noted that along with the large amount of electricity consumed, it emits dangerous gases into the environment. However, he believes that if bitcoin miners use the environmentally friendly extraction method, his views on property damage could change.
Syed said he believes bitcoin can use clean electricity and does not harm the environment. Syed also said he was contacted for an opportunity to invest in a bitcoin mining operation. He said the bitcoin mining operation was close to a coal factory and he was brutally honest about his position. The idea was to build a cheap bitcoin mining rig using coal, he said, and it was a great opportunity to make a profit, but it was a disaster for the environment.
Crypto consumes a lot of renewable energy
Syed’s position is that if bitcoin miners start using renewable and environmentally friendly mining methods. It will be a good source of investment. However, this idea is not something that has been practiced before. According to a recent Cambridge University survey, only 39 percent of the energy burned from cryptocurrency extraction uses renewable energy sources. This means that the total bitcoin energy will burn 54 billion pounds of coal in one year.
Yet another report from Coinshares paints a completely different picture. According to Coinshares, renewable energy accounts for 77.6% of the total energy consumed in digital currency extraction. It should be noted that Coinshares is also a participant in the digital currency market and reduces its impact on the environment.
Another example is the Bitcoin Mining Council report, which puts the figure at 56 percent. The council was formed after several protests over the effects of bitcoin mining on the environment. When it conducted its survey, it considered only about 32% of the global hash rate.