Stop worrying about how much energy bitcoin uses

UsaOpinion Crypto mines might be consuming increasing amounts of power worldwide but does that necessarily mean they are increasing global carbon consumption? By Katrina Kelly-Pitou August 21, 2018 6:50 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 The word “bitcoin” is as likely to garner feverish excitement as it is glaring criticism. The financial community sees speculative promise in the form of trade that currently has little to no regulation. Meanwhile, others argue that it’s a distraction that detracts from the overall longevity of US financial institutions. Bitcoin’s energy consumption has become a recent talking point in the debate. A Forbes article published May 30 indicates that bitcoin dramatically increases global energy consumption – and that electricity is its “Achilles heel.” The dailyReport Must-reads from across Asia – directly to your inbox I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified. New technologies – such as data centers, computers and before them trains, planes and automobiles – are often energy-intensive. Over time, all of these have become more efficient, a natural progression of any technology: Saving energy equates to saving costs. By talking specifically about just the consumption of energy alone, I believe many fail to understand one of the most basic benefits of renewable energy systems. Electricity production can increase while still maintaining a minimal impact on the environment. Rather than focusing on how much energy bitcoin… [Read full story]

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