The mining of Bitcoin and other cryptos is a much frowned upon topic for quite some time now because of its high electricity consumption that leads to increased expenses and slashing of profits. However, the most important reason for which people sneer at crypto mining is the choking impact that the mining has on environment. Amidst this ongoing negativity about crypto mining, a new picture has come to the fore, in which Dr Katrina M. Kelly-Pitou PhD from the University of Pittsburgh assured miners not to worry about Bitcoin mining.
Dr Kelly-Pitou is a Research Associate at the University of Pittsburgh in the Department of Electrical and Computer Engineering and is also a Manager of Strategy and Business Development for the Center for Energy.
It is not Bitcoin miners who should be blamed…
In her recent article, ‘Stop worrying about how much energy Bitcoin uses’ that was published by The Conversation, she asked people not to criticize the mining of the cryptocurrency and said: “Not all types of energy generation are equal in their impact on the environment, nor does the world uniformly rely on the same types of generation across states and markets.”
Bitcoin mining is characteristically prone to high energy consumption and Dr Kelly-Pitou stated that it should be the “states and markets” that should be blamed for delivering the power. “Perhaps people should quit criticizing Bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead,” she specified.
She believes that banking consumes almost 100 terrawatts of power on an annual basis. But Bitcoin mining, on the other hand, would consume a mere two percent of the total energy consumption even if the technology grows by more than 100 times its current market size.
Image via Shutterstock
Join our Telegram group