Bitcoin's energy use is large but it's not worrisome, at least according to some.
Much has been made about Bitcoin's energy consumption, and it's not entirely out of line for some to make a big deal out of it.
However, here's the thing...
People shouldn't be worried about how much energy bitcoin uses, but instead, they should be worried about where that energy comes from.
Is it from renewable green sources?
Is from sources leaving a sizable carbon foot print?
According to the professional assessment of Dr. Katrina Kelly-Pitou, a research associate in electrical and computer engineering at the University of Pittsburgh, the fears have been blown way out of proportion.
Why have they been blown out of proportion?
According to Kelly-Pitou new technologies are often energy intensive but over time they become much more efficient.
Specifically this was said:
“I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems…New technologies – such as data centers, computers and before them trains, planes and automobiles – are often energy-intensive. Over time, all of these have become more efficient, a natural progression of any technology: Saving energy equates to saving costs.”
(Source: https://www.ccn.com/alarm-over-bitcoin-mining-is-a-red-herring-energy-researcher/)
That is a good point!
(Source: http://lorialexander.blogspot.com/2014/06/pulling-out-red-herring.html)
Though if more and more energy is required won't energy consumption only continue to rise?
That is certainly a question that was not really answered by the Dr. but one that might be answered by the energy being used being more renewable and green in nature.
It also helps to keep in mind exactly how much energy is currently being used.
It is estimated that bitcoin mining currently uses roughly 30 terrawatts annually while the entire global banking industry uses roughly 100 terrawatts per year.
Which means bitcoin energy consumption could triple and still not be where traditional banking is today.
Perhaps the fears surrounding bitcoin mining and energy consumption are overblown indeed.
Stay informed my friends.
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