It's an open question. We don't know yet. But we do know that Bitcoin has changed significantly in the past. The mining companies themselves are probably resistant to change because right now their business model has everything to do with mining. However, I think there's some upside for them too,. A transition away from Bitcoin mining could be designed to provide financial incentives and essentially a soft landing for them.
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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