Technology

Bill Gates criticizes the Bitcoin mining community


This billionaire believes that the mining and use of Bitcoin is having a negative impact on our planet.

Follow EntrepreneurBitcoin’s boom from 2020 to the present has left many dazzled by potential returns, ignoring the negative side of the coin. In his conversation with the press, Bill Gates said that Bitcoin is harming the environment.

Bill Gates famous for his Bitcoin 1

Bill Gates believes that Bitcoin is harmful to the environment. Photo: Getty Images.

“Bitcoin uses more electricity than any other method of transaction that people have known,” Gates said New York Times. At the same time, Bill Gates added that if the cryptocurrency was created from eco-friendly energy sources, he would change his mind about it.

“If it’s renewable and Bitcoin is not abused for other purposes, that’s fine,” Gates said.

The Microsoft founder is one of those pushing the climate agenda. In a chat on social media Clubhouse, he revealed his plans to create a “more environmentally friendly” digital financial tool.

Studies show that the annual carbon footprint generated from using electricity to mine and process Bitcoin is comparable to that of some countries like New Zealand or Argentina.

Bill Gates famous for his Bitcoin 2

Mining Bitcoin and cryptocurrencies consumes a lot of energy. Photo: Macro Verch.

The exact number is still inconsistent between different studies, but all claim that the emissions generated by mining cryptocurrencies are enormous.

Currently, the price Bitcoin are hovering around the level 56,000 USD/ BTC, market cap approx 1.06 trillion USD. As a result, more and more companies and financial institutions are either investing directly in cryptocurrency or accepting trading with it. Once this cryptocurrency is widely adopted, the amount of carbon emissions it generates becomes bigger and bigger.

From another perspective, the issue of preventing climate change is also getting more and more attention. In some companies, shareholders put pressure, forcing executives to reduce the amount of carbon emissions they generate during their operations.

Jack Dorsey, CEO of Twitter, promises to invest 10 million USD into developing cleaner technologies for the production of cryptocurrencies. Similarly, Aker Solutions, a company based in Oslo (Norway), plans to build Bitcoin mining facilities using renewable energy.

Follow Zing / Entrepreneur

Bitcoin mining has a great impact on the environment

The digital currency system is using the same amount of electricity as an entire country.

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