How Is Bitcoin Bad For The Environment?
So, I came across this tweet from Dr. Robert Rhode the other day: Bitcoin is an absurd energy vampire whose primary use case is asset speculation barely one step removed from gambling. It has no business being part of the portfolio of anyone who cares about climate change or the environment. — Dr. Robert Rohde (@RARohde) February 12, 2021 I was shook. Apparently, each transaction costs 640kWh of electricity, or the same amount needed to travel 3,500km in a Tesla. The thought that digital currency could be bad for the environment had never occurred to me, I had thought that the only money-related environmental problems would be the cotton paper, polymers, or metals used to make physical money. This prompted me to do some more digging into the environmental impact of cryptocurrency. Bitcoin Bitcoin was the first decentralised cryptocurrency, created in 2009. To generate or ‘mine’ bitcoin, you have to guess a random number that solves an equation generated by the system. This is very dif...