Cryptocurrency Is Actually Good For The Climate, Says Senior Analyst – Here's Why

Popular crypto analyst and presenter of Coin Bureau says cryptocurrency has the power to recover some of the damage the traditional financial industry has done to the environment. The fake trader nicknamed Guy tells his 851,000 YouTube subscribers that, contrary to speculation in the media, cryptocurrency can actually have a positive impact on the environment. Guy argues that most of all the arguments that Bitcoin is harming the environment are due to a 2018 academic article that predicts that Bitcoin mining alone will eventually cause the Earth's temperature to rise by 2 degrees. Centigrade. From Guy's point of view, the article contains many inaccuracies, including the assumption that the Bitcoin network will process about a billion transactions per day in the future, in reality the blockchain can only handle a few hundred thousand transactions per day. Coin Bureau's server also responds to the claim that Bitcoin consumes too much energy. Not surprisingly, the claim that Bitcoin mining uses more energy than a small country is based on the assumption that it uses significantly more energy than the estimated minimum. Even with the highest estimate, imagine that all lamps, lamps, computers, televisions, and coffee machines in American homes consume more electricity when idle than Bitcoin mining, meaning it's plugged in but not really turned on. None of these comparisons are fair because Bitcoin mining is not a kitchen gadget or a country. It is a secure payment infrastructure that allows value to be stored and transferred without intermediaries. Guy also believes that regardless of the power consumption of Bitcoin mining, it will likely be much lower than the legacy financing infrastructure. “This does not take into account all the energy of the company's offices, ATMs, servers, secure vehicles, and massive regulatory infrastructure based on legacy financial resources.

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