Lyn Alden, a financial analyst and founder of Lyn Alden Investment Strategy, joins Alex De Vries, founder of Digiconomist, to debate the environmental impact of cryptocurrency. They discuss the staggering energy consumption of Bitcoin, equating it to Sweden's annual use, and explore misconceptions around its carbon footprint. Alden argues for the renewable strides made by crypto, while De Vries critiques the heavy reliance on fossil fuels. They also delve into the evolution of Ethereum and the potential for sustainable mining practices, leaving listeners questioning the future of digital assets.
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insights INSIGHT
Bitcoin's Energy Consumption
Bitcoin mining’s energy consumption is comparable to Argentina's.
This energy expenditure is driven by a complex 'guessing game' process called mining.
insights INSIGHT
Bitcoin's Purpose and Scaling
Bitcoin offers permissionless transactions and scarcity, crucial for many in authoritarian or inflationary economies.
It uses proof-of-work for decentralization, not rapid transactions.
insights INSIGHT
Miners' Energy Preferences
Bitcoin miners seek cheap, stable energy, often from fossil fuels, not renewables.
Renewables alone cannot satisfy this demand due to their intermittent nature.
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Debate: Crypto vs The Environment
It is estimated that the global Bitcoin network currently consumes about 133 terawatt-hours of electricity annually - roughly equal to what is consumed by the nation of Sweden. Crypto skeptics warn that the energy demands of the network are a threat to the environment and that further adoption of cryptocurrency will lead to a harmful rise in carbon emissions.
However, crypto advocates say that the figures often used to denounce crypto can be misleading and when you examine the biggest contributing factors to climate change globally, Bitcoin is responsible for just 0.13% of annual carbon emissions. Furthermore, unlike the traditional financial system, they say, networks like Bitcoin continue to make strides in adopting renewable energy with initiatives like the Crypto Climate Accord committing producers to net-zero by 2040. So who's right or wrong?
Speakers:
Lyn Alden: Financial analyst and founder of Lyn Alden Investment Strategy where she provides tens of thousands of investors with the latest research, information, and tools to help them build wealth and manage digital assets. Subscribe to her newsletter at: https://www.lynalden.com/newsletter-archives/
Alex De Vries: Founder of Digiconomist, a platform dedicated to exposing the unintended consequences of digital trends.
The host is Anne McElvoy senior editor and head of podcasts at The Economist.
This debate series is is partnership with EQONEX the Nasdaq listed digital asset advisory. Register free for our third debate 'Crypto can bank the unbanked' here: https://www.eventbrite.co.uk/e/debate-crypto-can-bank-the-unbanked-registration-165732106191?aff=ebdsoporgprofile
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