Bitcoin not “a bad guy”, says University of Pittsburgh researcher
An associate researcher at University of Pittsburgh, Dr. Katrina Kelly-Pitou in her article has stated that bitcoin is not “a bad guy”. In her article, she has shed light on cryptocurrency mining. In her opinion, the electricity consumption for carrying out bitcoin mining is not a environmental crisis that hovers all over the world.
Kelly- Pitou has expressed herself through a vivid research work in an article of The Conversation. It happens to be a media outlet dealing with the academic field and being non-profitable in purpose. She has, however, criticised the high level of energy consumption in the mining procedure as an error in the design.
Opinion of the Researcher
According to her statement when referring “bitcoin energy crisis” as red herring, she said, “New technologies – such as data centers, computers and before them trains, planes and automobiles – are often energy-intensive. Over time, all of these have become more efficient, a natural progression of any technology: Saving energy equates to saving costs.”
Nevertheless, Kelly-Pitou has expressed that getting confined only to energy consumption involved in bitcoin mining is neglecting other bigger concerns prevailing in the environment. According to her views, utilisation of renewable energy can help in addressing the issues of high electricity consumption involved in bitcoin mining, thereby, reducing the negative impact on the environment.
She feels that attention should be given to the source of electricity which is directed towards the mining activity of cryptocurrency. The manner in which the electricity is generated for conducting mining should also be a point of discussion.
Kelly- Pitou has explicitly pointed out that the areas where renewable energy is affordable and is present in plenty, favour cryptocurrency mining like Oregon in the Pacific Northwest of America. Among the European nations, Iceland is the a preferred location for bitcoin mining which is rich in geothermal energy. Renewable energy supports almost entirely the mining activity in Iceland.
Finally, in conclusion she has made the statement that “bitcoin is not necessarily a bad guy.” She has further stated, “It’s simply a new, and vaguely understood, industry. The discussion about energy consumption and bitcoin is, I believe, unfair without discussing the energy intensity of new technologies overall, specifically in data centers.”
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