Nicole Carter is aiming at the claim that Bitcoin is an environmental disaster. Carter claims that the mines are concentrated in energy-rich areas.
According to Cointelegraph, a cryptocurrency media outlet on the 31st, Nicole Carter, co-founder of Coin Metrics, refuted the article’s key argument that power-hungry bitcoin mining is causing environmental disaster.
Castle Island Venture Partners, in an in-depth article titled “Noah’s Objectivity for Bitcoin Mining,” written on the 30th of last month, argued by Bloomberg columnist Noah Smith, who wrote the article Date article) responded to.
The first argument Carter refuted is that it is unique among assets in that bitcoin’s rising price entails more energy inflows. Carter also said that the high price of gold has exactly the same characteristics in that it increases mining and energy consumption.
Second, Smith’s refutation of the claim that bitcoin mining occupies domestic power resources. According to Carter’s calculations, mining is actually concentrated in areas where’unused energy is plentiful’.
Most of the mining in China occurs in four provinces: Xinjiang, Sichuan, Inner Mongolia and Yunnan. They accounted for 63% of global Bitcoin mining from Q4 2019 to Q2 2020. These regions use a combination of coal, solar, wind and hydropower, all of which are relatively low-population and energetic.
On the other hand, he puts out’proof of stake’ in Smith’s original article, arguing that bitcoin developers need to adopt an alternative to’proof of work’.
Currently, Ethereum is moving to Eth2 Proof of Stake, which is estimated to use 99.98% less electricity.