Bill Gates Questions Bitcoin's Ecological Effect
Wallet Specialist – Luke
The co-founder of Microsoft, Bill Gates, said that Bitcoin represents a health threat to its consumers. Speaking with CNBC's Andrew Ross Sorkin, the American billionaire claimed that mining Bitcoin absorbs an enormous amount of electricity, thus the risk it poses.
Gates clarified that “Bitcoin consumes more electricity than any other method known to mankind. It uses more electricity per transaction than any other method known to mankind, and, so, you know, it’s not a bad climate thing.”
Trending Study Proves Gates is Correct
The fact that led to Gates' critique of Bitcoin was that the processing capacity that supports the Cryptocurrency trading network consumes about as much electricity as the rest of Argentina.
The University of Cambridge, in its study, indicates that Bitcoin’s network absorbs no less than 121 terawatt-hours (TWh) per year, which would place it among the top 30 electricity consumers globally if it were a nation. Bitcoin's power consumption has been fueled by its rising interest, which has seen it grow from less than $5,000 to more than $50,000.
It is important to remember that questions regarding Bitcoin’s energy have existed since the start of the digital currency.
In 2009, Hal Finney, a Crypto visionary, pointed at possible future CO2 pollution. This comes two weeks after he got the first Bitcoin investment from Satoshi Nakamoto, the pseudonymous founder of the Cryptocurrency.
Growing Energy Demand
Reinforcing Gates' statement about Bitcoin and its energy consumption, Charles Hoskinson, CEO of IOHK, a leading Cryptography group, clarified that Cryptocurrency energy usage has almost quadrupled since the start of its last high in 2017 and is expected to get worse if energy waste is integrated into Bitcoin’s DNA.
Hoskinson also said the carbon footprint of buying Bitcoin is going to get progressively worse as the price increases alongside electricity consumption.