Vast use bitcoin criticized

More Digital Asset Research

Vast energy use bitcoin

Many people in countries such as Venezuela, Argentina and Zimbabwe have turned to Bitcoin to protect their monetary assets from the devastating inflation that has reduced their purchasing power and ability to survive their countries’ economic crises.  Building a Better Battery Supply Chain with JB Straubel and Aimee Boulanger The illicit activity fallacy is another common misconception associated with Bitcoin mining. This fallacy stems from the misguided belief that Bitcoin mining and, by extension, the larger Bitcoin network, primarily serves as a platform for promoting illegal activities. The basis of this belief often comes from the fact that Bitcoin transactions can provide a certain level of anonymity, making it potentially attractive for illicit operations.

Blockchain energy consumption: Debunking the misperceptions of Bitcoin’s and blockchain’s climate impact

Vast bitcoin criticized

“Bitcoin mining operations are in an arms race between time, the volume of miners, and the efficiency of the machines they use,” said Joshua D. Rhodes of the Center on Global Energy Policy. “When it comes to Bitcoin’s energy use, it’s currently something of a ‘wildcatter’ market. The Texas grid operator ERCOT estimates that crypto miners may increase energy demand by up to 6 gigawatts by mid-2023, roughly the equivalent of adding another Houston to the grid.” Legal & Privacy In fact, according to Cambridge University’s BECI, Bitcoin’s electrical needs are already surging rapidly. Since October 2020, Bitcoin’s electrical consumption has increased from an estimate of 58 TWh to an estimate of 129 TWH. That represents an increase of over 120% in just five months, and much like Bitcoin’s price, the cryptocurrency’s electrical consumption has generally increased ever since institutional investors came knocking.