Researcher Says Bitcoin Energy Consumption Index is Ineffective Mining Metric
Bitcoin [BTC] has been an ongoing topic debated over the course of 2018. While many remain confident in the digital asset, an equal number of consumers see flaws, which include scalability, high transaction fees and its increased energy consumption. Not too long ago, Bitcoin was criticized for using up to five percent of the world’s energy resources. According to researcher, Dr. Katrina Kelly, energy consumption is not enough to assess Bitcoin.
As per Blokt’s report, Kelly believes that Bitcoin’s energy consumption theory should also consider factors like the source of energy and who produces it. In particular, she makes the following argument, “Data centers, computers and before them trains, planes and automobiles – are often energy- intensive,” adding that as time passes by, each respective industry, based on Kelly’s view, will surely come up with efficient procedures, which will eventually result in reduced costs.
In other words, Kelly seems to deny the claim that Bitcoin mining increases carbon emissions. While Bitcoin might have used a fossil-based energy source in the past, Kelly trusts that a more inexpensive and renewable power might be in place. Some examples provided by Blokt explored European countries like Iceland, which has since retorted to renewable energy for Bitcoin mining.
Like most crypto believers, Kelly thinks that many who have since pointed fingers at Bitcoin only did so because the crypto market is still fairly young, which makes it easier to catch flaws. As for the ideal metric system, Kelly noted that the “Carbon Production of Bitcoin” will give a better idea as to what crypto activity is producing more carbon emissions.
Clearly, Kelly judges that the way in which Bitcoin is perceived needs to be changed, as its energy consumption reflects a wide range of factors. One particular factor she suggests should be assessed is that of the respective country’s source of energy. In addition, she argues that measuring Bitcoin’s carbon footprint would be superior to that of energy consumption.
Do you think Kelly is right in suggesting that Bitcoin is misrepresented due to the infancy of the crypto market? Have we been looking at Bitcoin’s issue of energy use at an inappropriate angle? Let us know below.