Professional Energy Researcher Says Bitcoin Mining is ‘Not the Bad Guy’
Anxiety Over Bitcoin Mining Is A Red Herring: Energy Researcher
The quantity of electricity that is consumed during bitcoin mining is not the international environmental crisis as some people portray it to be. This is according to an assessment by Dr. Katrina Kelly-Pitou, an electrical and computer engineer from the University of Pittsburgh.
New Technological Know-How Is Energy Demanding
Dr. Katrina categorically criticizes the classification of bitcoin mining’s energy consumption as a way of terminal design fault. This is because of the general narrative that surrounds the crypto industry as an environmental risk is simply a gross generalization which emboldens the spread of factual erroneousness.
In her explanation on why she believes the ‘bitcoin energy crisis’ is a red herring, Dr. Katrina asserts that as a researcher who studies clean energy technology, she believes any form of advancement in technology results in saving energy, thereby saving costs. This is also seen in other technologies like planes, data centers, and computers among others.
The debate around the consumption of energy by bitcoin mining comes at a time when its consumption is equated to almost the amount of electricity being used in an entire nation like Ireland. The researcher believes that restricting the conversation to the consumption of energy leads to the society missing the factual truth conservational apprehensions.
In her own views, the utilization of renewable energy permits an increase in energy consumption for any purpose, which may not have any ecological effect at the end of the day. She believes that the conversation should instead be centered on the source of the electricity used in powering the mining of virtual assets, and not necessarily how it is produced.
Bitcoin Mining Is Not The ‘Bad Guy’
As a way of buttressing her point, the researcher compares the crypto mining’s yearly power consumption which stands at approximately thirty terawatts, to that of the international banking fraternity which is estimated to be consuming approximately one hundred terawatts annually.
This basically means that in as much as the crypto mining may grow a hundredfold, it would only consume just about two percent of the world’s energy. Presently, crypto mining is growing in places where there is an abundance of cheap renewable energy.
A case in point is a place like Oregon, which is located in the Pacific Northwestern part of the US, which apparently has colossal volumes of hydropower. In China, the international nexus of bitcoin mining has taken center-stage in the region of Sichuan Mountains, being a favored location by crypto miners.
In Europe, Iceland is a place where geothermal energy is available, thus making it a popular mining destination. As a matter of fact, the whole nation survives entirely on renewable energy.
In many ways, Dr. Katrina proves that the conversation should rather be less about whether bitcoin utilizes a lot of energy, but more about the source of the energy. The researcher concludes by asserting that in connection with other aspects of energy, bitcoin does not come off as a ‘bad guy’. It is simply not well understood.