{"id":7716,"date":"2021-07-15T04:35:41","date_gmt":"2021-07-15T04:35:41","guid":{"rendered":"https:\/\/3.26.50.104\/education\/?page_id=7716"},"modified":"2021-08-05T02:27:40","modified_gmt":"2021-08-05T02:27:40","slug":"bitcoins-energy-consumption-explained","status":"publish","type":"page","link":"http:\/\/3.26.50.104\/education\/bitcoins-energy-consumption-explained\/","title":{"rendered":"Bitcoin\u2019s energy consumption explained"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"7716\" class=\"elementor elementor-7716\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4907961 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"4907961\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8b811d4\" data-id=\"8b811d4\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2dd847d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2dd847d\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b9722c3\" data-id=\"b9722c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-db1bca9 elementor-widget elementor-widget-html\" data-id=\"db1bca9\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a style=\"color: #FFFFFF; \" href=\"javascript:history.go(-1)\" onMouseOver=\"self.status.referrer;return true\">\u2190 Back<\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cd508b elementor-widget elementor-widget-heading\" data-id=\"3cd508b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bitcoin\u2019s energy consumption explained<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ca89d65\" data-id=\"ca89d65\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-49c4997 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"49c4997\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"252\" height=\"182\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/crypto_visual.png\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-400bea6 ct-columns-alignment-fix elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"400bea6\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-9fd3477\" data-id=\"9fd3477\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d42ff48 elementor-nav-menu--dropdown-none elementor-widget__width-auto cryptomenu-mi elementor-nav-menu--indicator-classic elementor-widget elementor-widget-nav-menu\" data-id=\"d42ff48\" data-element_type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;vertical&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t<nav role=\"navigation\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-vertical e--pointer-none\"><ul id=\"menu-1-d42ff48\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7748\"><a href=\"#bitcoin-mining\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7749\"><a href=\"#whats-the-problem\" class=\"elementor-item elementor-item-anchor\">What\u2019s the problem?\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7750\"><a href=\"#energy-consumption-is-not-the-same-as-carbon-footprint\" class=\"elementor-item elementor-item-anchor\">Energy consumption is NOT the same as carbon footprint\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7751\"><a href=\"#bitcoin-mining-electricity-and-renewable-energy\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining, Electricity &#038; Renewable Energy\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7752\"><a href=\"#bitcoin-mining-in-a-nutshell\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining in a nutshell\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7753\"><a href=\"#how-much-energy-should-a-monetary-system-consume\" class=\"elementor-item elementor-item-anchor\">How much energy should a monetary system consume?\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7754\"><a href=\"#why-bitcoin-could-actually-be-good-for-the-environment\" class=\"elementor-item elementor-item-anchor\">Why Bitcoin could actually be good for the environment\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7755\"><a href=\"#make-up-your-own-mind\" class=\"elementor-item elementor-item-anchor\">Make up your own mind\u200b<\/a><\/li>\n<\/ul><\/nav>\n\t\t\t\t\t<div class=\"elementor-menu-toggle\" role=\"button\" tabindex=\"0\" aria-label=\"Menu Toggle\" aria-expanded=\"false\">\n\t\t\t<i class=\"eicon-menu-bar\" aria-hidden=\"true\"><\/i>\n\t\t\t<span class=\"elementor-screen-only\">Menu<\/span>\n\t\t<\/div>\n\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" role=\"navigation\" aria-hidden=\"true\"><ul id=\"menu-2-d42ff48\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7748\"><a href=\"#bitcoin-mining\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7749\"><a href=\"#whats-the-problem\" class=\"elementor-item elementor-item-anchor\">What\u2019s the problem?\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7750\"><a href=\"#energy-consumption-is-not-the-same-as-carbon-footprint\" class=\"elementor-item elementor-item-anchor\">Energy consumption is NOT the same as carbon footprint\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7751\"><a href=\"#bitcoin-mining-electricity-and-renewable-energy\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining, Electricity &#038; Renewable Energy\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7752\"><a href=\"#bitcoin-mining-in-a-nutshell\" class=\"elementor-item elementor-item-anchor\">Bitcoin Mining in a nutshell\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7753\"><a href=\"#how-much-energy-should-a-monetary-system-consume\" class=\"elementor-item elementor-item-anchor\">How much energy should a monetary system consume?\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7754\"><a href=\"#why-bitcoin-could-actually-be-good-for-the-environment\" class=\"elementor-item elementor-item-anchor\">Why Bitcoin could actually be good for the environment\u200b<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7755\"><a href=\"#make-up-your-own-mind\" class=\"elementor-item elementor-item-anchor\">Make up your own mind\u200b<\/a><\/li>\n<\/ul><\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-9cee3b8\" data-id=\"9cee3b8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f652517 elementor-widget elementor-widget-text-editor\" data-id=\"f652517\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Bitcoin consumes more electricity than the whole of Argentina. Bitcoin requires the same amount of\u00a0energy\u00a0it would take to power\u00a0every\u00a0kettle in the UK for 27 years. One Bitcoin transaction is equivalent to 500,000 Visa swipes.<\/p><p>You may have heard the old saying, \u2018There are three types of lies: Lies. Damn lies. And statistics.\u2019 And in the world of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a>, there are plenty of <em>statistics<\/em>.<\/p><p>For Bitcoin to operate, massive amounts of energy is needed. This is undeniable and a serious issue. But given the media\u2019s tendency to paint things a little too simplistically, one should always dig a little deeper before making up their mind on a topic, especially when it comes to new technologies that few people actually understand.<\/p><p>Unfortunately, \u00a0many people these days (myself included) can be a little too quick to draw conclusions after seeing or even hearing a news story that neatly depicts good vs evil, giving us a good dose of outrage in a single headline or statistic.<br \/><br \/>However, a bit of research and Googling into the topic of Bitcoin and the environment reveals some pretty eye-opening stuff \u2013 some of which will probably change the way you feel about the issue.<\/p><p>Today we\u2019re going to look at some of the environmental claims against Bitcoin to find out which ones are legit and which ones are just plain\u2026 <em>statistics<\/em>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-437d339 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"437d339\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-63db9c3\" data-id=\"63db9c3\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a09cb54 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a09cb54\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d677122\" data-id=\"d677122\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e27b9d2 elementor-widget elementor-widget-heading\" data-id=\"e27b9d2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Key Takeaways\n\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2029f22 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2029f22\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Studies estimate the percentage of Bitcoin mining powered by renewables to be between 39% & 74%.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin miners have a strong incentive to move their energy-intensive mining operations to places where there is an excess of cheap, renewable energy.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin\u2019s ability to turn \u2018stranded\u2019 & excess renewable energy into economic value could have a positive impact on both the financial system & the environment.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Other cryptocurrencies are now using, or switching to, an alternative to mining called \u2018Proof of Stake\u2019, which serves the same function but with none of the electricity costs.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-210f77f elementor-widget elementor-widget-menu-anchor\" data-id=\"210f77f\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"bitcoin-mining\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ac25e3 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"9ac25e3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Bitcoin Mining<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0eb3efd elementor-widget elementor-widget-text-editor\" data-id=\"0eb3efd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Bitcoin, and <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-bitcoin-mining-proof-of-work\/\" target=\"_blank\" rel=\"noopener\">Bitcoin mining<\/a> in particular, have been in the news recently, this time it\u2019s over how much\u00a0 energy Bitcoin consumes and why it is the new public enemy no. 1 for the environment. Bitcoin mining does undoubtedly consume A LOT of electricity, around 110 Terawatt Hours per year (0.55% of total global electricity production) to be exact. <br \/><br \/>However, many of the environmental claims against Bitcoin crumble under some scrutiny. You should always check your facts and these people obviously didn\u2019t\u2026 but in the world of 24hr news cycles, sensationalist media stories and hidden economic agendas, is this really a surprise?<\/p><p>Here I will do my best to address both sides of the story and give as honest a take as I can on this complex issue. Climate change &amp; the environment is a topic that hits close to home for me. <br \/><br \/>Ensuring we do not sabotage this wonderful thing called humanity by exhausting all the earth\u2019s natural resources is far more important to me than Bitcoin, money or any belief or ideology. Which is why I\u2019ve done some research on the topic and am hoping to add my two cents to this important and often misinformed conversation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eafd8ee elementor-widget elementor-widget-image\" data-id=\"eafd8ee\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"607\" height=\"229\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone.jpg 607w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone-300x113.jpg 300w\" sizes=\"auto, (max-width: 607px) 100vw, 607px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-818c1ea elementor-widget elementor-widget-menu-anchor\" data-id=\"818c1ea\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"whats-the-problem\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1b2a8c elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"f1b2a8c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What\u2019s the problem?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f93c0b elementor-widget elementor-widget-text-editor\" data-id=\"5f93c0b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-bitcoin-mining-proof-of-work\/\" target=\"_blank\" rel=\"noopener\">Bitcoin mining<\/a>, the process which both creates new Bitcoin and allows the network &amp; its transactions to be secured without a controlling authority like a bank, requires a ton\u00a0 of electricity.<br \/><br \/>However, lampooning Bitcoin for this consumption is far too simplistic and rather typical of Bitcoin\u2019s biggest critics who seem to be unwilling to acknowledge any of this technology\u2019s potential for good, despite many never ever having actually engaged with the subject matter themselves. \u00a0A better question to ask when thinking about Bitcoin, financial systems and energy consumption is: How much energy does monetary system <em>deserve<\/em> to consume?<\/p><p>Let\u2019s be clear. Humans use energy to live. Whether it\u2019s coal, gas, solar, wind, hydro or electricity (which is also coal FYI)\u00a0, any industry that adds <strong>value<\/strong> to our society needs a certain amount of resources to operate. Where the energy comes from and how much carbon the consumption of this energy omits is another crucial question that needs to be factored into the conversation.<\/p><p>So, before we go over \u00a0a few of the more outlandish (and quite frankly laughable) claims about Bitcoin\u2019s energy usage, let\u2019s start by examining both sides of where Bitcoin\u2019s energy consumption comes from, what its energy consumption actually is, and how it compares to <a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\" rel=\"noopener\">the <strong>value<\/strong> Bitcoin provides the world.<\/a><br \/><br \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a47f28 elementor-widget elementor-widget-menu-anchor\" data-id=\"9a47f28\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"energy-consumption-is-not-the-same-as-carbon-footprint\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4f86ef elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"a4f86ef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Energy consumption is NOT the same as carbon footprint<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82494a7 elementor-widget elementor-widget-text-editor\" data-id=\"82494a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>First things first. There\u2019s a crucial distinction to be \u00a0made between how much <strong>energy a system consumes<\/strong> and <strong>how much carbon it emits<\/strong>. This is a very basic distinction but one that is rarely made when talking about Bitcoin.<br \/><br \/>Bitcoin\u2019s \u2018energy consumption\u2019 is often equated directly to its carbon footprint and impact on the environment, without taking into account where the energy actually comes from. One unit of hydro or solar energy has much less environmental impact than the same unit of coal-powered energy, and as we will see later on, this makes a huge difference for Bitcoin\u2019s actual impact on the planet.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8388fa9 elementor-widget elementor-widget-image\" data-id=\"8388fa9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"608\" height=\"226\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/Crypto-Phone-2.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/Crypto-Phone-2.jpg 608w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/Crypto-Phone-2-300x112.jpg 300w\" sizes=\"auto, (max-width: 608px) 100vw, 608px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43fe8e4 elementor-widget elementor-widget-menu-anchor\" data-id=\"43fe8e4\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"bitcoin-mining-electricity-and-renewable-energy\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5ad1a3 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"f5ad1a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Bitcoin Mining, Electricity & Renewable Energy<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9be98f elementor-widget elementor-widget-text-editor\" data-id=\"b9be98f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Given that Bitcoin uses a lot of energy, and renewable energy is the cheapest source, Bitcoin miners seem to naturally gravitate towards renewables. According to the recent Bitcoin Mining Network report from CoinShares Research, the share of electricity needed for Bitcoin mining that is powered by renewables is estimated to be <strong>as high as 74%<\/strong>. However, researchers from Cambridge have put Bitcoin\u2019s renewable energy reliance at closer to around <strong>39%<\/strong>.<\/p><p>To appease the sceptics, let\u2019s pretend that the true figure is at the lower end of 39% (though many crypto-believers would heartily disagree). Even if the lower figure of 39% renewables was true, this is still significantly higher than the 25% global average of electricity generated by renewables (2019). So that\u2019s a start (and just the tip of the iceberg).<\/p><p>Delving into how <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-bitcoin-mining-proof-of-work\/\" target=\"_blank\" rel=\"noopener\">Bitcoin mining<\/a> actually works quickly reveals that the most efficient and profitable way to mine Bitcoin is through renewable energy. But first, let\u2019s recap for those who don\u2019t know what Bitcoin mining actually is (if you already know what it is feel free to skip the next section).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-48cda70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48cda70\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6a7def7\" data-id=\"6a7def7\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f0de523 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"f0de523\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Ready to start trading the easy way ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23cefb7 elementor-align-center gradiant-btn-bi elementor-widget elementor-widget-button\" data-id=\"23cefb7\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-shrink\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b7b11f elementor-widget elementor-widget-heading\" data-id=\"2b7b11f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Simple. Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1d8bb9 elementor-widget elementor-widget-menu-anchor\" data-id=\"b1d8bb9\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"bitcoin-mining-in-a-nutshell\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0776a40 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"0776a40\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Bitcoin Mining in a nutshell<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-463e9b7 elementor-widget elementor-widget-text-editor\" data-id=\"463e9b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>For decades, <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\"><strong>decentralised<\/strong> digital currencies<\/a> that do not require a bank have been impossible for a number of reasons. Primarily this is because ensuring transactions are legitimate and that people aren\u2019t \u2018double spending\u2019 their money (spending a unit of currency twice) is incredibly difficult without a centralised bank or payment processing service to verify all transactions and make sure no theft or malicious activity takes place.<\/p><p>However, Bitcoin, and the process of Bitcoin mining (aka the <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-bitcoin-mining-proof-of-work\/\" target=\"_blank\" rel=\"noopener\">Proof of Work method<\/a>) changed the game by providing:<\/p><ul><li>A solution to the problem of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-double-spending\" target=\"_blank\" rel=\"noopener\">double spending<\/a> &amp; a <strong>reliable<\/strong> way for a ledger of transactions to be maintained across a group of people who don\u2019t know each other<br \/><br \/><\/li><li>A banking network that was highly secure &amp; <strong>collectively owned &amp; maintained<\/strong> by people all over the world<br \/><br \/><\/li><li>A way for trust to be <strong>built into the network itself<\/strong>, completely removing the need for banks and enabling the many advantages of a decentralised currency<\/li><\/ul><p>While you can read a more in-depth explanation of the mining process <u>here<\/u>, in a nutshell, Bitcoin mining involves solving complex mathematical puzzles with powerful computers (that use a heap of electricity). The mining process serves <strong>two<\/strong> <strong>primary purposes<\/strong>:<\/p><ol><li>To verify the legitimacy of a transaction, helping to avoid fraudulent transactions &amp; the problem of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-double-spending\" target=\"_blank\" rel=\"noopener\">double spending<\/a><br \/><br \/><\/li><li>To create new cryptocurrency by rewarding miners for performing the previous task.<\/li><\/ol><p>But back to the issue of energy consumption.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46d9b85 elementor-widget elementor-widget-image\" data-id=\"46d9b85\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"605\" height=\"227\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone-3.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone-3.jpg 605w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/06\/cypto-phone-3-300x113.jpg 300w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c29139a elementor-widget elementor-widget-menu-anchor\" data-id=\"c29139a\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-much-energy-should-a-monetary-system-consume\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f211a17 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"f211a17\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How much energy should a monetary system consume?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bccfb86 elementor-widget elementor-widget-text-editor\" data-id=\"bccfb86\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>This question is subjective. And it all depends on what value you think a particular system brings to society. Before you criticise Bitcoin mining\u2019s seemingly \u2018pointless\u2019 energy consumption, let\u2019s take a step back. A secure and functioning financial &amp; banking system adds an amount of value to society that is hard to comprehend. And <strong>ANY<\/strong> financial system takes A LOT of energy to run.<\/p><p>While research from Cambridge has rightfully shown that Bitcoin annually consumes the same amount of energy as small countries like Malaysia or Sweden, this is a misleading statistic for many reasons,\u00a0 with the main one being that it ignores <a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\" rel=\"noopener\">the value that the Bitcoin system provides<\/a> when compared with our current financial system.<\/p><p>First let\u2019s consider what kind of energy and labour our\u00a0 current financial system requires \u2013 think all the world\u2019s central banks, bank branches, skyscrapers, offices, ATMs, armoured trucks, security guards, tons of paper documents, millions of employees, clerks and over-paid executives, all the digital infrastructure not to mention all the paper and electricity it takes for governments to print our money (which they have been doing plenty of lately).<\/p><p>Bitcoin\u2019s network encapsulates all the energy needed to make this system work, digitising the vast majority of our current monetary system in a way that is actually MORE efficient in terms of security, transaction costs and having true ownership over your assets. Not only can you make cross-border payments fast &amp; cheap, but you don\u2019t have to put all your trust in a central bank that may not have your best interests at heart.<\/p><p>And this is just the tip of the iceberg when it comes to the ways decentralised digital currencies could improve our current financial system. And when you factor the energy costs of our financial system, it\u2019s easy to see why some of the statistics used against Bitcoin can be shown as completely unsubstantiated.<\/p><p>According to research conducted by the popular\u00a0platform \u2018<u><a href=\"https:\/\/digiconomist.net\/\">Digiconomist<\/a>\u2019<\/u>, the energy consumption for one Bitcoin transaction is the same as <strong>453,000 Visa transactions<\/strong>, or in carbon footprint terms, this means that a Bitcoin transaction is <strong>710,000 times<\/strong> \u2018dirtier\u2019 than a single Visa transaction.<\/p><p>This attack on Bitcoin immediately falls down under scrutiny as it completely fails to take into account all the other energy costs associated with a company like Visa, not to mention the fact that Visa is merely a tiny part of a wider financial system which a network like Bitcoin encapsulates most of all on its own.<\/p><p>The Bitcoin network is essentially an entire decentralised monetary system that does not require the need for a central bank. Not just a single credit card company like Visa.<\/p><p>Research by <a href=\"https:\/\/ark-invest.com\/articles\/analyst-research\/bitcoin-myths\/\">ARK Investment Management<\/a>\u00a0found that the Bitcoin ecosystem consumes less than 10% of the energy required for the traditional banking system. While it\u2019s true the banking system serves far more people, crypto is still in its infancy and the early infrastructure stage of any industry is always particularly intensive.<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7715\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/Picture1-2-210x300.png\" alt=\"\" width=\"376\" height=\"537\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/Picture1-2-210x300.png 210w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/Picture1-2.png 359w\" sizes=\"auto, (max-width: 376px) 100vw, 376px\" \/><\/p><p>But it must be said: Bitcoin (like everything else that adds value to society) still does consume A LOT of power. If a whole host of other cryptocurrencies were to arise using the same Proof of Work mining system, this could pose a serious problem. However, with a system as strong and secure as Bitcoin\u2019s we would only really need one of this kind of system.<\/p><p>As we speak, many cryptocurrencies are now using, or switching to, an alternative method called \u2018<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a>\u2019, which serves the same function as mining but with NONE of the electricity costs of mining. Ethereum, the second largest cryptocurrency, is currently doing this and there is the potential for Bitcoin to do so someday as well. But that being said, there is some compelling evidence to suggest that Bitcoin\u2019s massive energy consumption may not be the problem it\u2019s made out to be. Let\u2019s take a look at renewables and why the media\u2019s portrayal of Bitcoin is hardly the full picture.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-007df48 elementor-widget elementor-widget-menu-anchor\" data-id=\"007df48\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"why-bitcoin-could-actually-be-good-for-the-environment\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88a7506 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"88a7506\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Why Bitcoin could actually be good for the environment<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51cf7f1 elementor-widget elementor-widget-text-editor\" data-id=\"51cf7f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>With the \u00a0threat of climate change looming, the push for renewable energy is only getting stronger. As more and more industries switch to cleaner sources of energy, renewables are rapidly becoming far cheaper &amp; more efficient alternatives to fossil fuels like coal and gas. But while renewable energy is cheap and abundant, especially in places where there is an excess of it \u2013 there is a serious problem: renewable energy is extremely difficult to <strong>store<\/strong> and even harder to <strong>transport<\/strong>.<\/p><p>When the sun shines and the wind blows we get massive amounts of cheap, clean energy &amp; electricity. But we don\u2019t control the weather and our inability to store and transport this kind of energy poses a problem for renewables to adequately provide a constant flow of power to our cities, where most of the power is needed. There is plenty of sunlight in the desert but getting the electricity all the way to where we need it has proven to be very difficult.<\/p><p>Now let\u2019s look at how Bitcoin &amp; cryptocurrency mining relates to all this.<\/p><p>It is no \u00a0secret that Bitcoin miners are driven by <strong>profits<\/strong>. The Bitcoin network incentivises them to help maintain the network through the Bitcoin they earn by mining. But electricity costs a lot of money and if profitability is the priority, miners will naturally go to where electricity is cheapest. This is good for <strong>two reasons:<\/strong><\/p><ol><li>Renewable energy is the cheapest source of energy, especially when there is an excess of it going to waste.<\/li><li>Due to the lack of demand and the inability to transport it, the <strong>cheapest<\/strong> and most <strong>abundant<\/strong> sources of renewable energy are usually located in places nowhere near people. This is also known as \u2018stranded energy\u2019.<\/li><\/ol><p>Thus, Bitcoin miners have a strong incentive to move their high-powered mining facilities to the places where there is <strong>already an excess<\/strong> of renewable energy, which is why the biggest Bitcoin mining operations are located in places a normal person would never visit.<\/p><p><strong><em>EXAMPLE<\/em><\/strong><\/p><p>In the wet season in China\u2019s Sichuan and Yunnan provinces, huge quantities of renewable hydro energy are wasted every year. Production of this hydro energy during the wet season massively outweighs the local demand, and battery technology is not advanced enough for us to store or transport this energy to the cities where it is badly needed.<\/p><p>These Chinese regions are some of the largest stranded energy resources on the planet, and it is no coincidence that these provinces contain some of the largest Bitcoin mining operations in the world. These regions alone are responsible for around 10% of global Bitcoin mining during the dry season and 50% in the wet season, effectively <strong>converting<\/strong> energy that would be otherwise wasted into real economic value. In fact, all of the top five\u00a0<a href=\"https:\/\/btc.com\/stats\/pool\"><em>Bitcoin mining pools<\/em><\/a><em> (group organisations for miners to cooperate for more efficient mining) rely heavily on hydropower.<\/em><\/p><p>Moving mining to places with cheap, excess renewable energy is great for both the miners and the power grid. It increases miner\u2019s profitability, uses energy that would otherwise not have a use, and much of this energy could be funnelled back into renewable energy technologies, creating a positive feedback loop for both miners and the renewable energy industry.<\/p><p><em>\u2018The best way to make cryptocurrency mining more eco-friendly is to support lawmakers that want to encourage mining in regions that already have underutilized energy sources.\u2019 &#8211; <\/em>Leah Cuen, Tech Crunch<\/p><p>If lawmakers were to support Bitcoin mining in the rural regions with excess energy, a lot <strong>of real economic value<\/strong> (in the form of a decentralised monetary system AND the highly priced Bitcoin itself) could be created out of something that would otherwise be going to waste.<\/p><p>In other words, Bitcoin is the only tool I\u2019ve heard of that can act as a battery to <strong>convert stranded renewable energy into economic value.<\/strong> For more information on why Bitcoin can be used like a battery, do a bit of your own digging (there\u2019s no shortage of info on this) or check out Nick Grossman\u2019s <a href=\"https:\/\/www.nickgrossman.xyz\/2021\/bitcoin-as-battery\/\">fascinating article<\/a> on the topic.<\/p><p><em>\u2018In our view, the concerns around Bitcoin\u2019s energy consumption are misguided. Contrary to consensus thinking, we believe the impact of Bitcoin mining could become a net positive to the environment \u2026 We illustrate that renewables would be able to satisfy only 40% of the grid\u2019s needs in the absence of Bitcoin mining but 99% with the commercial \u2018subsidies\u2019 associated with Bitcoin mining.\u2019<\/em> &#8211; Ark Invest on Bitcoin helping the environment<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8445d4d elementor-widget elementor-widget-menu-anchor\" data-id=\"8445d4d\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"make-up-your-own-mind\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b76ceb9 elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"b76ceb9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Make up your own mind<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efe0953 elementor-widget elementor-widget-text-editor\" data-id=\"efe0953\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>As we have seen, the reality of Bitcoin\u2019s energy consumption is far more complex than many people want it to be. One of the exciting things about cryptocurrency is that its \u00a0potential seems to be constantly changing and evolving. While no one can tell you with any certainty which coin will make you a millionaire, cryptocurrency\u2019s <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">Blockchain<\/a> technology is undeniable and we are already seeing it being used in areas beyond finance like digital identity, medical record keeping, online voting, supply chain management and much more.<\/p><p>The research I have done on this controversial topic has led me to believe that the Bitcoin energy issue is far from what it is often depicted by the media and certain notable figures. But I don\u2019t urge you to believe <em>me<\/em> but rather do your own reading and draw your own conclusions. If you are concerned about climate change then some of the research done on this topic will be of great interest to you.<\/p><p>While I do see incredible potential in what cryptocurrency can bring to the world, I realise that there are still issues which pose a threat to the sustainability of Bitcoin and other mined cryptocurrencies.<\/p><p>For instance, Alex de Vries, a Blockchain specialist at PwC\u2019s Experience Center highlights the issue of electronic waste caused by Bitcoin mining equipment. The mining devices used (known as ASIC miners) are specifically made for mining Bitcoin and tend to become obsolete very quickly, often within 2 years. They aren\u2019t currently being repurposed for anything and there is undoubtedly a carbon footprint attached to this. \u2018This is something no amount of \u2018green\u2019 energy can fix,\u2019 de Vries writes.\u00a0<\/p><p>Still, while Bitcoin\u2019s mining does pose a threat to the environment, the issue is far from black and white and most people are unaware of the ways Bitcoin and cryptocurrency could actually help the environment, or simply be worth the energy cost given <a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\" rel=\"noopener\">the value it could add to society<\/a> and our financial system.<\/p><p>Cryptocurrency is still in its early stages. Given the immense potential it has to disrupt traditional finance and transform our society and notions of money and ownership, there will inevitably be people who will resist change for as long as possible, as well as those who proclaim that it is the only solution to the world\u2019s financial and environmental problems. The truth, I\u2019m sure, lies somewhere in the middle.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-35e1ffc\" data-id=\"35e1ffc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a378a85 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a378a85\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-549ffb8\" data-id=\"549ffb8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae1424b elementor-widget elementor-widget-heading\" data-id=\"ae1424b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Did this answer your question?\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d28af8 elementor-widget__width-auto likedislikebtncustom-mi elementor-widget elementor-widget-shortcode\" data-id=\"3d28af8\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7716\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-theme=\"custom\"  data-btn_size=\"31\"  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?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d18a930 elementor-align-center gradiant-btn-bi elementor-widget elementor-widget-button\" data-id=\"d18a930\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-shrink\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ea0f97 elementor-widget elementor-widget-heading\" data-id=\"7ea0f97\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Simple. Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0018a82 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0018a82\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4af623d\" data-id=\"4af623d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6692725 elementor-widget elementor-widget-text-editor\" data-id=\"6692725\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\">Digital Surge<\/a>\u00a0is the easiest way for Australians to\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">buy, sell &amp; store over 250+ cryptocurrencies<\/a>. With extremely low fees, a uniquely user-friendly interface and a customer-support team you can rely on, getting involved in crypto has never been easier.\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">Sign up<\/a>\u00a0today and enjoy safe, stress-free trading.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e08a439 elementor-widget elementor-widget-text-editor\" data-id=\"e08a439\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><i>Crypto-curious? The time you spend here will be the best investment you ever make.<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c509cc8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c509cc8\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-788cb47\" data-id=\"788cb47\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-518025d elementor-widget elementor-widget-heading\" data-id=\"518025d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Related articles\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-bcd8b92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bcd8b92\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a83bde8\" data-id=\"a83bde8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e97a07 elementor-widget elementor-widget-heading\" data-id=\"2e97a07\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-a-smart-contract\" target=\"_blank\">What is a smart contract?\n<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-98bdd83\" data-id=\"98bdd83\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fe456e9 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"fe456e9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-a-smart-contract\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"360\" height=\"92\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual.png 360w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual-300x77.png 300w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a7f33b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a7f33b8\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d3a1151\" data-id=\"d3a1151\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5706c64 elementor-widget elementor-widget-heading\" data-id=\"5706c64\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\">What is DeFi?\n<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e7e872c\" data-id=\"e7e872c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a328e02 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"a328e02\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"262\" height=\"154\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/DeFI_visual.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-bfdd29f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bfdd29f\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0ef5962\" data-id=\"0ef5962\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b0b44c0 elementor-widget elementor-widget-heading\" data-id=\"b0b44c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/crypto-exchanges-markets-orderbooks-explained\" target=\"_blank\">Crypto exchanges, markets & orderbooks explained<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e260fcb\" data-id=\"e260fcb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32c6aec elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"32c6aec\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/crypto-exchanges-markets-orderbooks-explained\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"92\" height=\"240\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/Flipchart_crypto_explained.png\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-8b0a28b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8b0a28b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-cdaf16e\" data-id=\"cdaf16e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d8beeb elementor-widget elementor-widget-heading\" data-id=\"1d8beeb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\">Why the world needs cryptocurrency\n<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-811480a\" data-id=\"811480a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66adcdf elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"66adcdf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"306\" height=\"208\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual.png 306w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual-300x204.png 300w\" sizes=\"auto, (max-width: 306px) 100vw, 306px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7716\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/bitcoins-energy-consumption-explained\/\"  data-item_title=\"Bitcoin\u2019s energy consumption explained\"  data-item_date=\"2021-07-15T04:35:41+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"excerpt":{"rendered":"<p>\u2190 Back Bitcoin\u2019s energy consumption explained Bitcoin consumes more electricity than the whole of Argentina. Bitcoin requires the same amount of\u00a0energy\u00a0it would take to power\u00a0every\u00a0kettle in the UK for 27 years. One Bitcoin transaction is equivalent to 500,000 Visa swipes. You may have heard the old saying, \u2018There are three types of lies: Lies. Damn lies. And statistics.\u2019 And in the world of cryptocurrency, there are plenty of statistics. For Bitcoin to operate, massive amounts of energy is needed. This is undeniable and a serious issue. But given the media\u2019s tendency to paint things a little too simplistically, one should\u2026<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7716\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/bitcoins-energy-consumption-explained\/\"  data-item_title=\"Bitcoin\u2019s energy consumption explained\"  data-item_date=\"2021-07-15T04:35:41+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-7716","page","type-page","status-publish","hentry"],"blocksy_meta":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"post_excerpt_stackable":"<p>\u2190 Back Bitcoin\u2019s energy consumption explained Bitcoin Mining\u200b What\u2019s the problem?\u200b Energy consumption is NOT the same as carbon footprint\u200b Bitcoin Mining, Electricity &#038; Renewable Energy\u200b Bitcoin Mining in a nutshell\u200b How much energy should a monetary system consume?\u200b Why Bitcoin could actually be good for the environment\u200b Make up your own mind\u200b Menu Bitcoin Mining\u200b What\u2019s the problem?\u200b Energy consumption is NOT the same as carbon footprint\u200b Bitcoin Mining, Electricity &#038; Renewable Energy\u200b Bitcoin Mining in a nutshell\u200b How much energy should a monetary system consume?\u200b Why Bitcoin could actually be good for the environment\u200b Make up your own&hellip;<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7716\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/bitcoins-energy-consumption-explained\/\"  data-item_title=\"Bitcoin\u2019s energy consumption explained\"  data-item_date=\"2021-07-15T04:35:41+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","category_list":"","author_info":{"name":"user","url":"http:\/\/3.26.50.104\/education\/author\/user\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin\u2019s energy consumption explained - Crypto Simple<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/3.26.50.104\/education\/bitcoins-energy-consumption-explained\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin\u2019s energy consumption explained - Crypto Simple\" \/>\n<meta property=\"og:description\" content=\"\u2190 Back Bitcoin\u2019s energy consumption explained Bitcoin consumes more electricity than the whole of Argentina. Bitcoin requires the same amount of\u00a0energy\u00a0it would take to power\u00a0every\u00a0kettle in the UK for 27 years. One Bitcoin transaction is equivalent to 500,000 Visa swipes. You may have heard the old saying, \u2018There are three types of lies: Lies. Damn lies. And statistics.\u2019 And in the world of cryptocurrency, there are plenty of statistics. For Bitcoin to operate, massive amounts of energy is needed. This is undeniable and a serious issue. 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Bitcoin requires the same amount of\u00a0energy\u00a0it would take to power\u00a0every\u00a0kettle in the UK for 27 years. One Bitcoin transaction is equivalent to 500,000 Visa swipes. You may have heard the old saying, \u2018There are three types of lies: Lies. Damn lies. And statistics.\u2019 And in the world of cryptocurrency, there are plenty of statistics. For Bitcoin to operate, massive amounts of energy is needed. This is undeniable and a serious issue. 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