An Energy researcher by the name of Katarina Kelly-Pitou has come clean that Bitcoin using a lot of energy and electricity is not true. She makes these claims in a research article with an emphasis on technology and how progress has led to saving in energy costs.
Katarina explains that technological improvements such as computers, cars and planes used a lot of energy at the beginning of their timelines, however, has progressed on saving a lot of energy.
A significant point to note in her argument is that Bitcoin miners may be using power however not burning off carbon in the bargain. Mining activities are taking place in cheaper areas where hydropower is used, and this type of energy has low carbon overall, evidenced by the fact that most of the mining activities are in China. However, this is slowly shifting to places such as Iceland where renewable resources are used.
Being an energy researcher, she spoke about how people’s mindsets and questions should change. She said, “Rather than discussing the energy consumption of bitcoin generally, people should be discussing the carbon production of bitcoin, and understanding whether certain mining towns are adding to an already large environmental burden.”
Reddit user by the name of ‘bitusher’ added 3 points which add to the efficiency of Bitcoin mining these days.
- ASIC’s are actually extremely efficient at converting electricity to heat. 98-99% efficient. This heat can be recycled.
- Almost all mining is being done with renewable energy right now. Most principally unused hydroelectric in china that would simply go to waste without those ASIC farms capturing the energy.
- When comparing the energy used in mining to traditional fiat you must analyze all the energy consumed in regulation, auditing, accounting, building infrastructure and security to fairly compare the two.
The Reddit user even linked interesting Youtube video answering questions about Bitcoin mining.
Twitter user ‘Josip Brtan’ challenged the world’s fiat system concerning energy consumption in a rather interesting reply on Twitter-
Go on, disable the energy of a country and let see if they are unreliable on energy like Bitcoin isnt.
Banks, visa, mastercard, you cant buy anything now even with fiat cuz they cant issue you the bill. A country could collapse if central bank cant work. But with
— Josip Brtan (@BrtanJosip) August 21, 2018