Is Bitcoin An Environmental Disaster? Here's Are The Facts

Many people believe Bitcoin is a disaster for the environment and consumes more energy than Argentina. These reasons, however, can be deceiving.

Here's a dose of reality. The Bitcoin network uses less than a tenth of one percent of the world's total energy.

To put it into perspective, around 30% of the world's energy is wasted each year.

Bitcoin's carbon impact is insignificant in comparison to practically every other major enterprise on the planet.

Air conditioners and electric fans, for example, emit roughly 2,300 times as much carbon as the entire Bitcoin network.

The gold and banking industries, which Bitcoin aims to destabilize, both emit 200 percent more carbon than the Bitcoin network. Tumble dryers, for example, have a greater carbon footprint than Bitcoin.

Furthermore, unlike the previously stated products and sectors, the majority of Bitcoin's energy originates from renewable sources such as hydroelectric, geothermal, and solar power.

So, what are your thoughts? Does a monetary system like Bitcoin, which provides billions a chance at economic freedom, have the right to use as much energy as your home's clothes dryer? Let us know in the comments below.

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