One Bitcoin transfer takes up more energy than any other financial method, which negatively influences the global climate condition. This opinion was voiced by Bill Gates, the co-founder of the Microsoft Corp, in a new chat with the New York Times.
The newspaper remarked that the annual carbon footprint from the mining of the first cryptocurrency and the authentication of transactions with its involvement is comparable to that of the whole of Argentina or New Zealand.
Central Bank of the Netherlands data scientist, Alex de Vries, has determined that each operation in the Bitcoin blockchain needs 300 kg of CO2 – the equal amount is used-up on around 750 thousand transactions made through the Visa payment system. The explanation for the difference lies in the characteristics of the distributed ledger, which offers operation transparency and restriction resistance.
Despite the wish to enhance ecological protection, Gates in the interview attempted not to be uncompromising in his declarations.
“If it is green energy, and it does not take out other uses of it, then mining the leading cryptocurrency may be satisfactory,” added the renowned billionaire.
According to a recent study published by the University of Cambridge, 40% of all Bitcoin mining was done utilizing renewable energy sources. According to the report, the most widespread source of power for mining farms is hydropower.
Previously, the Norwegian corporation Aker revealed plans to implement green energy-based Bitcoin mining processes.
At the end of 2020, Jack Dorsey-owned payment firm Square proclaimed plans to cut carbon emissions from its ventures to zero by 2030. The company will additionally provide $10 million to aid renewable BTC mining.
We remind that a recent study established that around 90% of big Bitcoin transfers are conducted in China.
