Update: Bitcoin is not going to destroy the environment, despite warnings

30 Oct, 2018
by David Borman
News
Update: Bitcoin is not going to destroy the environment, despite warnings

After a recent study announced that if successful, Bitcoin could threaten the environment, there has been a pushback from the community saying that the projection doesn't take into account development of greener sources of energy, which is in fact encouraged by crypto. An article by NewsBTC promotes the idea that Bitcoin and other crypto in fact encourages the growth of renewable energy resources and that in the future these new sources will become the standard.

The article stipulates that part of the problem with the study is that it bases its calculations on the fact that currently most Bitcoin mining is done in China and powered by coal burning power plants. However, because mining is expensive, it actually encourages the development of cheaper, renewable forms of energy.

The claim is that in the coming years not only China but most mining operations would likely switch to something cheaper and more sustainable. The article lists nations such as Iceland which is powered by 100% renewable energy.

Whatever happens, it is clear the current trajectory of Bitcoin mining cannot go on forever. However warnings that somehow Bitcoin is going to "destroy the environment" single handedly are likely overreaching. In time the crypto world will likely find a sustainable balance.

Read more: If Bitcoin is successful it could make Paris climate goals impossible to reach

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Read more about: Bitcoin (BTC)

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