Bitcoin mining has been cited as one factor that will negatively affect the environment. The narrative is being propelled by the mainstream media.
However, an energy expert has come out to dismiss the narrative. According to Dr Katrina M. Kelly, miners are moving to areas with more renewable energy. She points out that the traditional banking system is leading to a lot of energy waste.
On Monday, Katrina published an article calling for calm over fears of bitcoin using much energy. She holds the view that mining is inherently energy wasteful hence risky for the environment:
It's a lot, but not exorbitant. Banks consume about 100 terawat per year. If bitcoat technology had to mature more than 100 times compared to its current market size, it would still be only 2 percent of all energy consumption.
Katrina said that with technological advancements will lead to innovations on how to save energy. She said that energy consumption can go high but with less impact on nature.
The expert further highlighted that not all types of electricity generation are similar with their environmental impact. Elsewhere, different parts of the globe have numerous sources of power. She advises people to stop being too hard on bitcoin, over its environmental impact since new industries are existing with dirty energy.
She highlighted the case of Chinese miners. The miners have been moving from areas using coal to regions relying on hydroelectric power and geothermal.