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How Bitcoin affects the environment

“Real-time figures provided by the Cambridge Bitcoin Electricity Consumption Index show that Bitcoin accounts for 0.40% of the world’s total electricity consumption, and 0.34% of the world’s total electricity production, underscoring efforts to reduce the planet’s energy consumption and use of fossil fuels. Though the figure may seem small, it has a significant impact overall. To put these figures into perspective, the annual electricity consumption of Bitcoin is greater than the total energy required to power all the tea kettles in the UK for 19 years. Additionally, Bitcoin is just one of the thousands of cryptocurrencies currently in use.”

https://earth.org/are-cryptocurrencies-harming-the-environment/

I didn’t learn this until today! Thought I’d share for others who care about climate change. Choosing how and where you invest your money is one of the most powerful and impactful things you can do for the environment as an individual



View Reddit by mcbeaneView Source

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8 Comments

  1. >the annual electricity consumption of Bitcoin is greater than the total energy required to power all the tea kettles in the UK for 19 years

    I am hereby asking brits to stop using their fucking kettles. You people destroy the planet, don’t you fucking understand that? What is wrong with you people? First brexit and now this shit? Are you out of your fucking mind?

    And while you are at it, please also stop eating meat. The environmental impact here is even worse. And please, stop driving around with cars. Don’t heat your home in winter. Don’t use airplanes. And why are you people still watch porn on the internet? Don’t you know how impactful this is on the environment???

    Or just switch to renewables.

  2. They are so wrong. They calculate energy consumption (lets just assume thats correct) and then just assume the carbon footprint is the same as any other electricity use. and that is utterly WRONG. Bitcoin mining is nothing like running dishwashers. Miners can choose to mine anywhere they want, and the economics of mining provides an absolute incentive to seek out the cheapest supply of electricity. Which is what? Its not gas. its not coal. its not even geothermal. The cheapest form of electricity is free electricity, sometimes even negatively priced electricity. And the only form of free or negatively priced electricity is excess renewable capacity.

    [http://watt-logic.com/2020/01/10/negative-electricity-prices/](http://watt-logic.com/2020/01/10/negative-electricity-prices/)

    And as we increase our reliance on renewables this will have to happen more and more often. If we want to go 100% or even 50% renewable then the inevitable consequence is that most of the time we will not even use close to the capacity of our production. Already today, with wind and solar making up only a small fraction of our production, we pay 100s of millions of tax payers money to producers in order to… not produce!

    If people think this through, they will come to realize that PoW mining will in fact work like a subsidy for renewable energy. It monetizes energy that otherwise could not be sold, and thus otherwise either would not be produced, like wind and solar farms that need to be turned off, or that otherwise would be dumped in giant outdoor heaters. It works exactly like a giant grid battery, except it doesnt store electricity, it stores the value of that electricity for renewable producers. It is therefore far more efficient and less harming than actual batteries.

    Dont get me wrong, we will need energy storage still, but we will never come close to being able to economically store electricity at a grid level so that we can use 100% of the intermittent production of our farms. So who will pay for that unused capacity? Either tax payers, or miners.

  3. Anthropogenic climate change is a myth, hate to ruin the fantasies that you have been programmed with since you were a child.

    If you care about the environment, the best way to have an impact is to make as much money as you can, so that you can donate it to the causes you care about.

    Or you could invest your money into shitcoins and HFSP.

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