Could Bitcoin’s Energy Data Be An Advantage In The Long Run? Industry Experts Are Positive

• Jamie Leverto has made a case for Bitcoin’s massive energy usage saying the data improves transparency which will ensure better decisions by miners. 
• A new report released by the Bitcoin Mining Council shows that more miners have leaned towards renewable energy in the past 24 months. 
• Critics like Massachusetts Senator Elizabeth Warren still slam Bitcoin mining as harmful to the environment following a report that it is at par with Washington’s energy usage. 

Contrary to widespread public opinion that Bitcoin’s (BTC) energy usage is a one-way street, some experts have put up some positive arguments on the issue which may lead to improved usage in the long run.

Jamie Leverto the CEO of Hut 8 has thrown her weight behind blockchain technology as all records are in the public light including its data usage. According to Leverto, the energy usage of BTC is seen as “a proof of work,” and can shape the future of how the wider big tech sector handles energy consumption. 

“It’s easy to see how much energy is used by Bitcoin miners because it’s publicly available information,” she said. “Whereas, you can’t see how much energy is used by the traditional fiat banking system or by hard metal mining.”

The Canadian BTC mining CEO also stated that from the quarterly reports released by the Bitcoin Mining Council, more than 60% of the energy miners in the council are now derived from renewable sources as opposed to the sour situation two years ago. 

In the light of multiple reports and criticisms, Leverto insists that this data has created a conscious effort by miners to make the much-needed switch adding that “the data is very relevant in the development of the sector.” 

Environmentalist mounts pressure

For years, climate change activists have criticized cryptocurrency mining activities in several countries leading to severe political decisions like the Chinese clampdown on miners in 2021. Last month, the campaign gained new steam following Greenpeace’s “Change The Code Not The Climate Campaign” which aims at reducing the carbon footprint of BTC. 

The pressure which started from activists has gotten into political circles with United State Senator Elizabeth Warren arguing its effect on the environment stating that it is roughly in competition with the energy used in Washington. MicroStrategy’s CEO Michael Saylor has debunked the claims of harmful effects with the notion that BTC miners give wasted energy “a new purpose.”

Leverton also criticized the excessive arguments n the sector’s energy usage while activists leave out other sectors in the debate. 

“We don’t talk about how much energy the gaming industry uses, as an example, or whether video games have value to the broader population. We just accept that we know we assume that’s a lot of energy, but we don’t have a value debate about it.”

Source: Read Full Article