Payments firm Square and Ark Invest have published a paper arguing why they believe greater adoption of renewable energy will be encouraged by adding Bitcoin miners to solar and wind installations. We’re surprised they didn’t involve Tesla for reasons stated later.
For years, data has shown how much energy the Bitcoin blockchain network consumes. As investors and enterprises engage with the cryptocurrency, there are increasing ESG concerns about involvement with Bitcoin and the current version of Ethereum. Which in turn could mean investors drop companies associated with Bitcoin.
Bitcoin maximalists like to claim that a significant proportion of the energy consumed by Bitcoin is renewable. However, one flaw in this argument is these figures are self-reported by Bitcoin miners that are fully aware of Bitcoin’s energy hungry stigma. To be blunt, there’s an incentive to either fib or outright lie.
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