As Cointelegraph reported in fall 2019, research published by the New Scientist has challenged the perception that Bitcoin (BTC) mining is irreconcilable with tackling climate change, pointing to the misleading assumptions that underlie some of the more alarmist reporting and studies on the matter.
In correspondence this week with Cointelegraph, Bitfury’s Head of Renewables, Samy Biyadi, contended that:
“Cryptocurrency mining is excellently suited for countries that want to transition into green economies. Contrary to public perception about its negative effect on the environment, cryptocurrency mining can help advance the adoption and growth of renewable energies by incentivizing investment in these assets.”
Before this, several energy specialists had critiqued the perception that high energy consumption is Bitcoin’s “Achilles Heel,” arguing in favor of shifting the debate away from energy consumption and towards where that energy is produced and how it is generated.
Last June, a study found that 74.1% of Bitcoin mining is powered by renewables.
