The effect of Bitcoin mining has been a matter of debate and controversy over the last months as publications as The New York Times warned against the environmental costs of Bitcoin and NFTs, while companies like Square believe the environmental impact could be positive.
Soon after the recent direct listing of Coinbase in the NASDAQ exchange, a major milestone for the cryptocurrency industry, the New York Times published an article titled “In Coinbase’s Rise, a Reminder: Cryptocurrencies Use Lots of Energy”, in which the author shared the concerns that have been traveling around the world in regards to Bitcoin Mining’s energy requirements.
The article cited concerns such as the energy requirement of Bitcoin mining operations being higher than the electricity use in countries like Argentina, the potential Bitcoin Emission have to push global warming over the Paris Agreement limit, effect on national laws, over pollution regulation, causality in blackouts in countries like Iran, and many more.
The article proved to be highly controversial among the cryptocurrency community, resulting in detailed rebuttals from Crypto supporters like Nic Carter, who methodically addressed the issues with each of Time’s statements and concerns.
Carter and other experts have been quick to point out that studies and articles criticizing Bitcoin’s energy usage do no discriminate between renewable and non-renewable energy sources.
This is relevant as countries like China and Iceland, which are some of the most active when it comes to crypto mining, source most of their energy from renewable sources like geothermal and hydroelectric generation.
Other rebuttals include wrong assumptions in the articles regarding per-transaction energy costs, incorrect predictions regarding escalation of the network, citation of false reports by the Iranian government that were rebutted by the associated press, and many other inconsistencies.
Square Jumps Into the Debate
Square, one of the biggest…