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This pisses me off: Article states that “Bitcoin Risks ‘Spiraling Price’ on Environment, Regulatory Concerns”

Okay, this really pisses me off.

[https://finance.yahoo.com/news/bitcoin-risks-spiraling-price-environment-132226327.html](https://finance.yahoo.com/news/bitcoin-risks-spiraling-price-environment-132226327.html)

The article states that a Canada-based global investment research firm, BCA Research, is saying that BTC will end up “losing most its value over time” due to the electricity needed to mine and “potential regulatory hurdles.” Their argument is that people want to be green, so they’ll abandon BTC en mass.

Yeah, like people have abandoned shopping at Amazon (where shipping items individually creates a larger carbon footprint) or think about the environmental cost before flying across the country to spend holidays with family.

I’m not saying that the energy consumption is not a concern, but the hyperbole really irks me. Had the research firm said “BTC may not end up being the dominant cryptocurrency in the future” I would have agreed and taken them seriously. But when the just say something outlandish it just makes me think they’re all fools.



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10 Comments

  1. I say the same thing every time I see this environmental argument. How much energy do you think mining gold and other precious metals uses? How much energy do you think sending an email or holding a website uses? Everything productive uses energy, that’s sort of the point of it. It’s just another FUD argument against crypto mired in fallacy

  2. Bitcoin can be entirely on renewable energy in the future. Its more of an infrastructure problem and not bitcoins problem. People will see this in time.

    Once we get enough renewable energy to support cities and have an abundance. Bitcoin wont have any environmental impact. But it will have an affect on the grid.

  3. I see the energy usage argument entirely as FUD. Bitcoin for the most part uses renewable energies, and excess energy from other sources. Bitcoin monetizes energy that would otherwise be wasted. The monetization of energy in this way leads Bitcoin to be mined on the cheapest available energy to out compete other miners. You know what the cheapest source of energy is these days? Wind and solar.

    Bitcoin both uses green energy, and incentives future mining to be outlaid on new green energy. The people saying Bitcoin is terrible for the environment know nothing about Bitcoin.

  4. I think a somewhat legitimate concern is that various governments could cite environmental concerns as an excuse to begin regulating, or at least trying to regulate, bitcoin. I don’t see it happening, but just a thought. Otherwise, the average person doesn’t think about how much energy they are burning when conducting a BTC transaction and put that thought into the price evaluation.

  5. Honestly, yea, right now bitcoin is all the general public knows. Many altcoins are made for this reason, once the larger crypto market is more known to the public, bitcoin will fall, why choose bitcoin when another coin could do the same and take less energy.

  6. Something you won’t hear from the media is how Bitcoin mining is actually solving an excess energy problem. Most energy producers generate excess electricity that goes to waste because it cost too much to store or transport. Set-up a Bitcoin mine and now you can generate money/value from that electricity that would normally go to waste.

    Look into Bitcoin and gas flaring for example.

  7. Energy concerns are absolutely valid. They’re not killers (isn’t BTC possibly moving to PoS depending on the outcome of the ETH move, essentially using ETH as a testnet?) but they need to be considered if you’re trying to honestly value BTC as an asset.

    EDIT: I see BTC has no plans to do so but it’s been floated by analysts as a possible move. My b.

    Just because they’re undervaluing the benefit of widespread future adoption doesn’t mean energy concerns are unfounded.

  8. Yeah I think that like Amazon, crypto will need to find ways to reduce its carbon footprint over time. Literally most every major company is going to face this challenge, it’s not like Bitcoin is the only one that could fail because of this. Also a lot easier to turn Bitcoin green than it is to turn oil fields and airplanes green

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