Bitcoin Can Fuel Green Energy Innovation

If you’ve been following the cryptocurrency space for a while, chances are you’ve heard this one: “Bitcoin uses more energy than <insert country here>.” The story will hit the top of Google News every few months or so, helping the perma-bears pat themselves on the back while striking fear in the hearts of the true believers. But what if I were to tell you that it’s not that big of a deal?

Hear me out. Yes, Bitcoin does use a lot of electricity. Enough to power hundreds of thousands of homes in the United States, in fact. It’s just as they say. But this problem is not new. With every significant technological development comes a price. In Bitcoin’s case, it’s electricity.

It’s important to understand that Bitcoin miners aren’t simply pouring gasoline into a fire. These miners using energy to maintain a network, store data and process transactions.

This energy usage is often at the core of the debate over consensus mechanisms. While many praise the…