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Bitcoin is the main culprit of environmental pollution…what is the way to overcome it?

Bitcoin (BTC) has been on the rise for the last 7 days in a row, showing a tireless high altitude march. As a result, the number of people who show interest in or want to invest in bitcoin is increasing, and as some point out that BTC is the new main cause of environmental pollution, the voice of criticism toward BTC investing companies is also increasing.

As interest in green investments such as carbon neutrality and eco-friendliness has increased more than ever, there are concerns that it may adversely affect the stock prices of the companies concerned.

It is Microsoft founder Bill Kates who sparked the recent environmental pollution debate about BTC. Bill Gates, also known as a’Bitcoin Pessimist’, in an interview with The New York Times on the 9th (local time) pointed out that “BTC trading is the most electricity-consuming transaction method in human history.” Obviously, it has no choice but to have an adverse effect.” He added, “About 300kg of carbon dioxide is generated only in one transaction of bitcoin, which is 750,000 times more than when using a Visa card.”

Every time you trade BTC *ledger As this is newly written, enormous electricity consumption is generated.

*Management based on distributed data computing technology that anyone can read through blockchain

In addition, he points out that the amount of electricity consumed in the BTC mining process is not easy.

According to a report by researchers at the University of Cambridge in the UK, the electricity used to mine BTC has exceeded 129 terawatt hours (TWh) per year. This exceeds Argentina’s annual electricity consumption. Bill Gates cited the BTC problem and stated that “green electricity must be used for BTC mining and trading.”

In response to this argument, Andrew Ross Sorkin, host of CNBC’s business news program Squawk Box, also agreed. In a contribution on the 10th (local time), Sokin pointed out, “PayPal, Square, and Tesla’s eco-friendly efforts contradict energy wasted in the BTC transaction process.” It will be a great threat to investment in environment, society, and governance.”

In particular, Tesla is expected to be hit hardest by the BTC environmental pollution controversy. Tesla is the world’s number one electric vehicle manufacturer and has an eco-friendly image. However, recently, Tesla CEO Elon Musk has consistently posted on cryptocurrency through Twitter, taking the role of evangelist, and is making waves by revealing the fact that Tesla’s $1.5 billion worth of BTC has been purchased.

“Tesla needs to measure all environmental factors and make them available to the market,” said Ben Dear, CEO of the eco-friendly fund Osmosis Investment Management. “If he wants to continue investing in BTC, If planned, the data released to the market should also include the energy that went into it.”

In the future, BTC is unlikely to be easy to remove the stigma of’climate villain’. As with BTC’s unrivaled uptrend, the criticism of public opinion is rising one after another. Some even made a remark to punish them for systematic hacking. On a Twitter account last month, a person who calls himself a’Green Hacker’ posted a post saying, “Let’s do an ethical hack against the BTC network that causes environmental pollution.”

With such criticism spreading more and more, BTC-related companies are taking measures to protect the environment. In December of last year, Square announced that it was investing $10 million to use renewable energy to mine BTC. “We believe that cryptocurrency will eventually be fully powered by renewable energy,” said Jack Dorsey, Square CEO. “BTC is already consuming a significant portion of renewable energy.”


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