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Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage

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Comments

moonlightbae
2021-05-13
moonlightbae
yesssss
木易000
2021-05-13
木易000
I think so
- 木易000ReplyWuM:
  Bitcoin itself is doubtable too.
- WuM:
  now he can buy more. then sell when it goes up to prop up Tesla's earnings.
- patfhc11ReplyWuM:
  SEC cannot do anything in crypto. If you are in Twitter, you will know it's Elon vs Barry.
terry89
2021-05-13
terry89
ya

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The cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to the Cambridge Bitcoin Electricity Consumption Index.\nTo understand why bitcoin is so energy-intensive, you have to look at its underlying technology, the blockchain.\nBitcoin's public ledger is decentralized, meaning it isn't controlled by any single authority. It's constantly being updated by a network of computers around the world.\nSo-called miners run purpose-built computers to solve complex math puzzles in order to make a transaction go through. This is the only way to mint new bitcoins.\nMiners do not run this operation for free. They have to shell out huge sums on specialized equipment. A key incentive of bitcoin's model, known as \"proof of work,\" is the promise of being rewarded in some bitcoin if you manage to solve its complex hashing algorithm.\nIt's worth noting thatdogecoin, which has risen wildly in price lately on the back of support from Musk, also uses a proof-of-work mechanism.\nCarol Alexander, a professor at the University of Sussex Business School, explains that bitcoin's mining \"difficulty\" — a measure of the computational effort it takes to mine bitcoin — has been going \"up and up\" over the last three years.\n\"More and more electricity is being used,\" Alexander told CNBC. \"That means that the network difficulty will also be going up (and) more miners are coming in because the hash rate's going up.\"\nBitcoin's price is up almost 70% so far this year. As it goes up in price, the revenue to miners also increases, incentivizing more participants to mine the cryptocurrency.\nMeanwhile, Musk isn't the only one who's worried about the environmental impact of bitcoin. In February, Treasury Secretary Janet Yellen warned that the digital coin is \"extremely inefficient\" for making transactions and uses a \"staggering\" amount of power.\nDoes bitcoin actually harm the environment?\nIt's complicated. On the one hand, bitcoin's network uses anunfathomable amount of energy. Much of the mining of bitcoin is concentrated in China, whose economy is still heavily reliant on coal.\nLast month, a coal mine in the Xinjiang region flooded and shut down. This took nearly a quarter of bitcoin's hash rate — or computing power — offline, according to crypto industry publicationCoinDesk.\nIn March, China's Inner Mongolia region said it wouldshut down cryptocurrency mining operationsin the region due to concerns over energy consumption.\nOn the other side of the debate, bitcoin investors have attempted to push back on the narrative that it's harmful for the environment.\nWhile it's difficult to determine the energy mix that powers bitcoin, some in the crypto industry say miners are incentivized to use renewables as it's getting cheaper to produce them. In China, the province of Sichuan is known to attract miners due to its cheap electricity and rich hydropower resources.\nLast month,Jack Dorsey'sfintech companySquareand Cathie Wood's Ark Invest put out amemoclaiming that bitcoin will actually drive renewable energy innovation. However, critics said they had avested interestin doing so.\nAlexander said the debate around bitcoin's environmental impact was misguided as most transactions with the digital asset aren't happening on the blockchain.\n\"Almost all the trading is not done on the blockchain,\" she said. \"It's done on secondary markets, centralized exchanges. They're not even recorded on the blockchain.\"\nESG concerns\nRegardless of whether bitcoin is actually a polluter or not, the negative connotations around its energy consumption have worried investors conscious of companies' ethical and environmental responsibilities.\nESG, or environmental, social and corporate governance, has become agrowing trendin financial markets, with portfolio managers increasingly incorporating sustainable investments into their strategies.\nSome Tesla shareholders may be worried that the company is betting big on bitcoin while also claiming to be a green energy company.\n\"Bitcoin backers will be wondering where this leaves the future of the cryptocurrency,\" Laith Khalaf, a financial analyst at investment firm AJ Bell, said in a note Thursday.\n\"Environmental matters are an incredibly sensitive subject right now, and Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint,\" Khalaf added.\n\"Tesla's decision certainly puts pressure on other big companies who accept Bitcoin to review their practices, because boardrooms will now be wary about getting it in the ear from ESG investors on the shareholder register.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":152,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4317252,"gmtCreate":1620920559455,"gmtModify":1680788586646,"authorId":3575016656391852,"author":{"id":3575016656391852,"authorId":3575016656391852,"name":"moonlightbae","avatar":"https://static.tigerbbs.com/9e8bead30ce122327046cb50ca725a77","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":198086330,"type":1,"supId":0,"prevId":0,"content":"yesssss","text":"yesssss","html":"yesssss","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":4315787,"gmtCreate":1620914096360,"gmtModify":1680788554670,"authorId":3532042389746908,"author":{"id":3532042389746908,"authorId":3532042389746908,"name":"木易000","avatar":"https://static.tigerbbs.com/4d787a41ffbb60b3b486c34056527313","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":198086330,"type":1,"supId":0,"prevId":0,"content":"I think so","text":"I think so","html":"I think so","likeSize":0,"commentSize":3,"subComments":[{"id":4317106,"gmtCreate":1620919785156,"gmtModify":1680788583170,"authorId":3532042389746908,"author":{"id":3532042389746908,"authorId":3532042389746908,"name":"木易000","avatar":"https://static.tigerbbs.com/4d787a41ffbb60b3b486c34056527313","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3581507913921607,"repliedAuthor":{"id":3581507913921607,"authorId":3581507913921607,"name":"WuM","avatar":"https://static.tigerbbs.com/95d411ee34efb9c1c7d37e68493e105c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":198086330,"type":1,"supId":4315787,"prevId":4315849,"content":"Bitcoin itself is doubtable too.","text":"Bitcoin itself is doubtable too.","html":"Bitcoin itself is doubtable too."},{"id":4315849,"gmtCreate":1620914308830,"gmtModify":1680788556369,"authorId":3581507913921607,"author":{"id":3581507913921607,"authorId":3581507913921607,"name":"WuM","avatar":"https://static.tigerbbs.com/95d411ee34efb9c1c7d37e68493e105c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":198086330,"type":1,"supId":4315787,"prevId":0,"content":"now he can buy more. then sell when it goes up to prop up Tesla's earnings.","text":"now he can buy more. then sell when it goes up to prop up Tesla's earnings.","html":"now he can buy more. then sell when it goes up to prop up Tesla's earnings."},{"id":4315915,"gmtCreate":1620914522837,"gmtModify":1680788553115,"authorId":3576721453278646,"author":{"id":3576721453278646,"authorId":3576721453278646,"name":"patfhc11","avatar":"https://static.tigerbbs.com/594bdc70c8e6eaabf485aa8c471d9511","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3581507913921607,"repliedAuthor":{"id":3581507913921607,"authorId":3581507913921607,"name":"WuM","avatar":"https://static.tigerbbs.com/95d411ee34efb9c1c7d37e68493e105c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":198086330,"type":1,"supId":4315787,"prevId":4315849,"content":"SEC cannot do anything in crypto. If you are in Twitter, you will know it's Elon vs Barry.","text":"SEC cannot do anything in crypto. If you are in Twitter, you will know it's Elon vs Barry.","html":"SEC cannot do anything in crypto. If you are in Twitter, you will know it's Elon vs Barry."}],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":4315772,"gmtCreate":1620914028335,"gmtModify":1680788553889,"authorId":3572496817285200,"author":{"id":3572496817285200,"authorId":3572496817285200,"name":"terry89","avatar":"https://static.tigerbbs.com/a8f3d3a49b2f88f3d66f162d57b571e1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":198086330,"type":1,"supId":0,"prevId":0,"content":"ya","text":"ya","html":"ya","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/198086330"}