Stop Worrying About How Much Energy Bitcoin Uses

Feb 6, 2019

bitcoinThere has been a lot of talk among critics about how much energy Bitcoin uses. Interestingly, no one comes up with any details to qualify their reasoning. Some critics label Bitcoin a ‘distraction’ while others claim it is responsible for the increase in energy consumption the world over.

The absence of clear details and illustrations is a clear indication of dishonesty on the part of the critics. It is one thing to criticize; it is allowed even. However, honesty and due diligence are vital. https://trybe.one/ gives you the real situation where Bitcoin energy consumption is concerned.

Why this Argument Does Not Hold Water

As pointed above, an argument that has no basis is not to be taken seriously. The critics will need more than a mere blanket statement to convince people that cryptocurrency uses as much energy as they allege. There are a few reasons why this argument makes little to no sense:

Bitcoin is Profit-Driven

Bitcoin miners aim to reduce costs as a large percentage of the cost of mining is taken up by energy. Therefore, you would expect that they would research ways to ensure greater efficiencies in energy use.

For instance, the following information is casually left out of most Bitcoin energy use discussions:

  • Bitcoin miners in the American Northwest have opted for hydroelectric power
  • Bitcoin miners in Europe also use hydroelectric power as well as other clean energy

Critics will mostly only mention the use of fossil fuels mainly used by miners in China and leave out the above facts to push forth their argument.

New Technologies

These include technologies such as:

  • Data centers
  • Computers
  • Automobiles
  • Planes

With advancements in technology, these have become quite efficient as it is mostly geared towards clean and cost-effective energy. When critics base their arguments on energy consumption alone, they fail to factor in the benefits of renewable energy.

It is possible to increase the production of electricity without affecting the environment adversely. Critics should shift their discussions from how much energy is consumed by Bitcoin to where this energy is generated from and by whom.

The Sources of Power

While some regions such as China use fossil fuels as earlier noted, there are many others where clean renewable energy is the main source of energy. Renewable sources of energy have a very minimal impact on the environment. Bitcoin mining has been largely embraced in areas where the main available power source in hydropower.

The truth is there are lots of Bitcoin miners who rake in profits without adversely affecting the environment with carbon emissions.

Conclusion

If critics would take the time to research Bitcoin and understand it better, they might be inclined to provide healthy critiquing based on facts instead of omitting information. They would also include the impact of new technology such as data centers.

Instead, they concentrate solely on Bitcoin without pointing out where the problem lies and what measures can be taken to resolve the issues. Consumption of electricity is up globally. It would be advisable to worry less about Bitcoin’s energy consumption and concentrate more on states that build new industries with unclean power sources.