New Report Says Bitcoin Can’t Go ‘Green’ Yet; More Research Needed
The environmental impact of Bitcoin (BTC) mining and transaction processing has long been a point of contention. However, many cryptocurrency devotees argue that this impact is mitigated by using renewable energy sources like hydroelectric power. These present a ‘green’ solution for Bitcoin mining issues.
Bitcoin Electrical Costs
According to de Vries, calculating Bitcoin transaction costs can be complex. However, a set of simple calculations suggests that Bitcoin mining costs far more than any other financial system. Based on these calculations, the Bitcoin energy cost is more than many small nations.
“We find that the Bitcoin network, with an electrical energy footprint of 491.4 to 765.4 kilowatt-hours per transaction on average, is relatively much more energy hungry than the traditional financial system. The resulting electronic waste generation could equal that of a small country like Luxembourg, with a staggering average footprint of four light bulbs worth of electronic waste per processed Bitcoin transaction.”
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