Bitcoin Mining Can’t Consume Entirety of Global Energy, Expert Asserts
Many mainstream media outlets fail to highlight the benefits of the crypto sector.
Experts Fault Anti-Bitcoin Mining Campaigners
With the emergence of cryptocurrencies, news has been circulating that the world might run out of power due to bitcoin. From a conspiracy theorists point of view, he or she might allege that such news is proliferated by major banking institutions in an effort to discourage the adoption of bitcoin by the wider masses.
However, it is not possible for Bitcoin to consume the entire global electrical output. Additionally, metrics used to arrive at such conclusions have been deemed faulty. Such news appeared in the Nature Climate Change and Newsweek.
The articles stated that bitcoin mining might lead to power shortages in the next two years. The authors added that emissions from bitcoin mining firms might escalate global warming to above 2°C. In response, Dr Jonathan Koomey said such effects are not possible in the near future.
In an article, Koomey said that bitcoin might have great potential in the future, but people should not be misled about the side effects. He pointed out that the mainstream media makes it look like bitcoin is taking over the world. He added that bitcoin mining is only consuming 0.1% of the global energy and the figures might remain stagnant considering historical rates.
Koomey added, that bitcoin mining is not the first technology to be targeted by environmentalist as being an energy hog. He cited media reports from early 2000 that indicated that the internet was consuming over 10% of the global energy. He stated that such allegations have been debunked as years went by and it will be the same case with bitcoin mining.
He stated that it took years of research to counter these allegations. In 2000 the internet only used 1% of energy within the US while all computers consumed 3% of electricity. The figure never grew.
Koomey further noted that bitcoin mining electricity usage is not slated to grow considering the current rates. He acknowledged that mining companies need to factor in power consumption as they grow. Koomey says that the situation is not a crisis as some would like to put it. Koomey recommends further research regarding the matter.
Earlier, the Washington Post published a story about bitcoin’s impact on climate change. The article claimed that bitcoin might be a bane to climate change. The Post recommended that experts need to be consulted before such pieces are run in the media.
It is no secret that bitcoin consumes a lot of energy. However, innovations ensure that mining hardware becomes more efficient. On the other side, global energy also rises even with bitcoin mining around. The notion that bitcoin is bad for the world usually fails to highlight the positive side of cryptocurrencies towards tackling major world problems.