Conversations surrounding Bitcoin’s sustainability often touch on how much power the network consumes. But the mere fact that its power consumption is a known factor is significant, according to Canadian Bitcoin miner Hut 8’s CEO Jaime Leverton. Critics like Massachusetts Senator Elizabeth Warren have slammed Bitcoin mining as a contributor to the climate crisis, while Bitcoin faithful like MicroStrategy CEO Michael Saylor contend that miners give what would be wasted energy a new purpose, effectively storing it in cyberspace as Bitcoin. The environmental footprint of Bitcoin mining has been well documented, in part because Bitcoin’s hashrate is public. This measure captures the computational force being used across Bitcoin’s network as miners race to solve Bitcoin’s next block by continuously crunching complex calculations. The power used by Bitcoin miners is transparent, whereas the traditional fiat banking system and metal mining are not. The Bitcoin Mining Council produces quarterly reports surveying industry participants, and the latest report showed that around 60% of the power tapped by BMC’s members comes from a sustainable power mix. But whether or not one believes Bitcoin mining is sustainable depends on whether they think Bitcoin itself has any value.

This news means that Bitcoin mining can be a source of debate when it comes to sustainability, with some people believing it is a contributor to the climate crisis and others believing that it is a way to store energy that would otherwise be wasted. It is important to note that the power used by Bitcoin miners is transparent, while the traditional banking system and metal mining are not. The Bitcoin Mining Council’s quarterly reports show that around 60% of the power tapped by its members comes from a sustainable power mix. Whether or not Bitcoin mining is sustainable ultimately depends on one’s opinion on the value of Bitcoin itself.

#Bitcoin #Sustainability #ClimateCrisis #Transparency #EnergySustainability

You can read more about this topic here: Decrypt: Bitcoin’s Energy Transparency is a Double-Edged Sword: Hut 8 CEO

The post Uncover the Pros and Cons of Bitcoin’s Energy Transparency with Hut 8 CEO first appeared on Byte Syze Crypto.