If you were to ask 100 people what is worse for the environment, Gold or Bitcoin, I would not be surprised if the majority said Bitcoin. However, they would be very wrong. Bitcoin and the energy crisis
A global campaign against Bitcoin appears to be focused on its likely impact on global warming. Greenpeace, for example, has created a campaign to petition for the changing of Bitcoin's code with their website, "clean up Bitcoin." The World Economic Forum shared a similar video in solidarity with the cause. However, neither of these organizations has submitted a Bitcoin (CRYPTO: BTC) Improvement Proposal (BIP) to action their campaign. Anyone on the planet can suggest changes to Bitcoin's code and submit it for approval by the committee. No evil lair or secret society needs to be infiltrated to change Bitcoin. All that is required is presenting a simple proposition, and you can be a part of "improving Bitcoin." The fact that this has not happened may suggest no real goal for campaigns such as these. The goal is in the publicity of the message itself. Bitcoin "fuels the energy crisis," according to Greenpeace. However, what does this mean? Let's look into some of the data behind the argument that Bitcoin is a significant contributor to the downfall of our climate. To mine Bitcoin, you need specialized ASIC miners who use, on average, around 3KWh of energy. This is about two electric kettles or one medium-sized electric heater. The Bitcoin miner runs at this rate 24/7, and for over a year, a single, modern miner of this size could mine around 0.16 BTC or around $4,700 at the current price. However, this does not account for the cost of the electricity to run the miner. When the electricity cost is factored in, using an average price of $0.12KWh, the profit drops to just $1,500. The miner is still profitable, but it costs the owner around $3,200 in additional utilities. Owning a small Bitcoin farm of 5 units would cost around $16,000 per year in electricity costs alone. In a world where most adults have been brought up being told to make sure you turn the light switch off when you leave a room, it is no wonder that this appears like a tremendous waste of energy. It is undoubtedly a vast use of power but is it a waste? And does it contribute to greenhouse gases? Bitcoin mining emissions
