Bitcoin's Energy Consumption Is a Highly Charged Debate


Lately. There's been a lot more debate about cryptocurrency and how much energy it uses to produce bitcoin in particular uses as much energy per year as all of the netherlands. It's carbon footprint is estimated to be the size of singapore and it generates as much electronic waste as the country of luxembourg all these estimates come from the bitcoin energy consumption index at digit communist dot net. Alex debris is the founder of communist. He says bitcoin mining involves running millions of computations in a kind of coin producing lottery but some cryptocurrencies like him can be created in a less energy intensive way what they'll hope to do is to take out the mining completely. They intend to make your chance of winning the lottery. Depending on your wealth rather than your computational power and if they succeed in doing that you no longer need those energy-hungry devices for being part of this network which would cancel ninety nine point nine nine percent of the energy need so it would be really great if they succeed in making that move but as it stands. They're not expecting it to finish before the end of this year or even the start of next year. So we'll have to see you wendy. I've actually succeed in that. There is a lot more attention on this. Now we've seen in fact. China try to ban cryptocurrency mining activity in parts of mongolia. Do you think we'll get to a point where there could be regulation that speeds up the process of shifting to a less energy-intensive mode of mining. I definitely think that these actions are helping the communities that are driving these changes to realize that this really important that they succeed because if they don't and the energy consumption of these network keeps on growing increasingly likely to see more government

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