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Bitcoin is not a threat to the environment

Bitcoin is not a threat to the environment

Mining Bitcoin does not pose a danger to the environment, say the Americans.

A survey by market research firm OnePoll for the global platform Forbes Advisor, from business and technology media company Forbes, found that 84% of Americans do not see Bitcoin as a potential threat to the environment nor for the environmental strategies or objectives set by the government for the conservation of the planet.

The survey was applied to a population sample of 2,000 US citizens who were aware of Bitcoin and cryptocurrencies.

Most of the citizens surveyed said that Bitcoin has no impact on the environment or, rather, it could be very light. Similarly, the majority of US citizens who took part in the Forbes Advisor survey indicated that the market-leading cryptocurrency does not contribute to climate change.

The survey results also reveal that almost a quarter of the population surveyed perceive Bitcoin as a positive element for our ecosystem. Only 6% of respondents said Bitcoin has a negative impact.

Bitcoin and the environmental impact

Bitcoin is the most powerful cryptocurrency and blockchain network in the world. For 14 years, this blockchain has served as a digital and alternative financial system for a large number of people who can carry out financial transactions on a global scale, in a fast, decentralized and accessible way, without the need for intermediaries.

However, beyond its benefits, a great debate has been generated in recent years about its environmental impact, due to the energy required for the blockchain network to remain operational.

The Forbes Advisor report, while focusing on demonstrating that Bitcoin’s operation leaves a significant carbon footprint on the environment, points out that most Americans agree Bitcoin is not a threat for our planet.

On the other hand, the report points out that a large portion of Americans are concerned about investing their money in assets that meet ESG criteria, so Forbes Advisor researchers believe that if investors understood the carbon footprint Bitcoin could generate, it probably would. consider researching other investment alternatives.

However, it should also be noted that a lot of times, publications and media ignore efforts by Bitcoin miners to continuously improve your energy consumption and be more efficient.

23% of the energy consumed by Bitcoin is hydroelectric

In this regard, ClimateTech investor and ESG analyst Daniel Batten shared the results of a report by research platform Batcoinz, in which he states that the main source of energy used by bitcoin miners today is hydroelectricity.

According to the platform, the use of energy sources based on fossil fuels has been decreasing at the rate of 6.2% per year since January 2020.

Several of the US companies dedicated to Bitcoin mining, such as Hut8, Terawulf, and Blockfusion, run on hydroelectric power. Other companies, such as Marathon Patent Group, primarily use wind energy to power their mining equipment.

Crypto mining companies that belong to the ERCOT network of Texas (USA), such as AntPool and Riot Blockchain, among others, also support their operations on the blockchain network with the energy provided by wind farms.

Batten pointed out that through the integration of clean energy sources into the Bitcoin network, it has become the only major global industry whose primary source of energy is not fossil fuel.

In the state of Texas, bitcoin mining company Decimal Digital Currency opened its new facility in Granbury last month, from which it uses its surplus energy to mine bitcoin while keeping the state’s power grid stable. State at the request of the Council of Texas Energy. Reliability testing (ERCOT).

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