As the price of the cryptocurrency increases, more is said about this asset. Among the list of effects linked to its mining, is energy
After its dizzying price increase, the Bitcoin it became a widely debated topic by global public opinion. Those who are not convinced of the future of this asset can cite a long list of Negative effects linked to his mining, as is the case of the high energy consumption.
Microsoft founder Bill Gates had discussed this in a chat with journalist Andrew Sorkin. There he pointed out that mining this cryptocurrency consumes a lot of energy, so “not a very good thing for the climate”.
Many Bitcoin miners generally use the Proof of Work or PoW (Proof of Work) algorithm, which requires spending an enormous amount of energy to run the mining network, thus ensuring safety and security. validate transactions. In this way, a miner needs a room full of computers to solve mathematical problems in the day.
In this context, at the beginning of this month, the estimated energy use by all Bitcoin miners exceeded 77,780 terawatt hours per year, according to the digiconomist portal. While Researchers from the University of Cambridge noted that if this cryptocurrency were a country, it would be among the 30 largest energy consumers in the world.
Faced with these claims, a study by the British company Coinshare indicated that the global network used to mine bitcoins obtains 74.1% of its electricity from renewable sources (wind, solar and hydroelectric).
Why Bit Gates does not invest in Bitcoins
Microsoft founder Bill Gates never invested in Bitcoin. This was confirmed during a live conversation on the Clubhouse social network, where he assured that he prefers to buy shares in companies that produce something tangible and useful.
In a chat with Andrew Sorkin, Gates explained that preferred to invest in companies “that make products,” citing malaria and measles vaccines as examples.
The billionaire assured that he never chooses his investments based on whether they would have more value for others.
And he added that he has not invested in the cryptocurrency because it’s bad for him environment. “Bitcoin uses more electricity per transaction than any other method known to mankind. So it’s not a very good thing for the climate,” Gates explained.
The businessman is known for his charities and his efforts to protect the environment.
Gates goes against the great trend that Bitcoin is setting: not only is he not optimistic about the cryptocurrency, but he thinks that it is a luxury for the rich: “If you have less money than Elon Musk, you should probably be careful“, Shooting.
Elon Musk, founder and CEO of Tesla and SpaceX, has been betting heavily on cryptocurrency from his social networks. But for Gates, “Elon has tons of money and is very sophisticated,” which represents a danger to people who do not have that much money “and gets into such fads,” he explained in an interview this week with journalist Emily Chang, from Bloomberg TV.
The journalist asked Gates what he thought of the fact that Musk managed, with a single tweet, to raise or lower Bitcoin. Gates replied that Elon Musk has tons of money and it’s very sophisticated so not affected by Bitcoin rising or falling randomly.
Windows creator has particular aversion against bitcoin by amount of electrical energy it consumes (which, recently, it was known that it is more than that consumed by all of Argentina in a year). Gates is a militant against climate change and is currently dedicated, basically, to combat it since its founding Bill and Melinda Gates.
The second aspect that he criticized about bitcoin was that the transactions are “anonymous and irreversible”. But consider that digital money is “good” if it can be traced: it was a clear reference to the use of bitcoin for criminal activities such as cyberattacks, extortion and money laundering.
However, of Musk, Gates does have a good opinion. He recently praised him in a New York Times podcast, calling the entrepreneur’s work with Tesla “one of the greater contributions to climate change no one has ever done, “since Musk’s cars are electric.
But when it comes to bitcoin, Musk seems to have no qualms: Over the past few weeks he’s been tweeting more and more about cryptocurrencies this year, in particular the cryptocurrency “meme” Dogecoin (DOGE). Also to bitcoin: he recently changed his Twitter bio with that simple word and skyrocketed the value of the coin by $ 5,000.