RATE Group | Bitcoin being accused of energy wastage may be unwarranted
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Bitcoin being accused of energy wastage may be unwarranted

06 Jan Bitcoin being accused of energy wastage may be unwarranted

Posted at 11:02h in Bitcoin News by

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Bitcoin‘s huge energy costs have been worrying many in the crypto-community, especially in light of the fact that many outside the community have directed hate against the industry with headlines like “Bitcoin is an environmental disaster,” “Bitcoin is killing the planet,” and “Bitcoin mining on track to consume all the world’s energy by 2020.”

However, a new research report by Arca, a digital asset management firm, seems to have busted some of the major misconceptions associated with Bitcoin. The report titled “Bitcoin Study: Energy Consumption as a Corollary to Environmental Impact and the Potential of the Evolution of Money,” dissected two major narratives that dog Bitcoin and label the cryptocurrency market as a potential environmental disaster.

According to Sasha Fleyshman, the author of the report,

“Is there a problem with Bitcoin because it needs electricity? The same argument could be made for refrigeration, which is completely reliant…

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