Mining companies are looking at two things essentially, the price of Bitcoin and the price of electricity. Spend more money on mining machines to pay more for electricity as it goes down. The proof of work approach is not going to be tenable on a finite planet. We're seeing miners already getting kicked out of entire countries like China. States are taking action. New York issued a two year moratorium on new fossil fuel linked crypto mining operations.
Studies estimate that global bitcoin mining uses more electricity than most countries, and that bitcoin mining may be responsible for about 65 megatons of carbon dioxide a year, comparable with the emissions of Greece. Some bitcoin operations are bringing old coal plants back on line, even as lobbyists for the bitcoin mining industry argue that mining operations can have a positive impact on the climate by creating more demand for carbon-free power. But even if all of the power were derived from green sources, is bitcoin mining really the best use of renewable electricity?
This episode features a report by multimedia journalist Lily Jamali of the public radio program Marketplace, who takes us inside a crypto mining facility in upstate New York.
Guests:
Rolf Skar, Senior Advisor, Greenpeace USA
Brittany Kaiser, Chair of the Board, Gryphon Digital Mining
Thomas Cmar, Senior Attorney, Earthjustice
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