Popular crypto analyst and the host of Coin Bureau is claiming that crypto has the power to rectify some of the havoc the traditional financial industry has wreaked on the environment.The pseudonymous trader, who uses the moniker Guy, tells his 851,000 YouTube subscribers that, contrary to media speculation, crypto can actually have a positive effect on the environment.
Guy asserts that the majority of all arguments claiming Bitcoin harms the environment stem from one 2018 academic article which estimates that Bitcoin mining alone will eventually push earth’s temperatures up by 2 degrees Celsius. From Guy’s point of view, the article has many inaccuracies, including the assumption that the Bitcoin network will be processing nearly one billion transactions per day in the future, when in reality the blockchain is only able to do a few hundred thousand transactions per day.
The Coin Bureau host also addresses the claim that Bitcoin consumes a lot of power.
“Not surprisingly, the claim that Bitcoin mining uses more energy than a small country is based on the assumption that it is using substantially more energy than the estimated minimum. Consider that even with the higher estimation, all the lights, lamps, computers, TVs, and coffee machines in households across the USA are using more electricity than Bitcoin mining when they’re idle, i.e plugged in but not actually on.
None of these comparisons are fair either because Bitcoin mining is not a kitchen appliance or a country. It’s a secure payment infrastructure that makes it possible to store and transfer value without a middleman.”
Guy also considers that whatever amount of power Bitcoin mining consumes, it’s likely a lot less than the infrastructure for legacy finance.
“This doesn’t count all the energy from the corporate offices, ATMs, servers, secure vehicles and the massive regulatory infrastructure that’s built on legacy finance. I’m sure the Federal Reserve’s money printer has been using a fair amount of energy these days too. All this infrastructure isn’t required for cryptocurrency, and all the rules and regulations are built into the code itself. When you compare apples to apples, cryptocurrency offers the most energy-efficient financial system in the world and it does much more than finance too.”
The analyst posits that Bitcoin’s deflationary nature encourages saving and frugal living, whereas the inflationary world inspires over-consumption which contributes to climate change and environmental degradation. According to Guy, the idea that crypto is bad for the Earth’s climate will be short-lived.“Mark my words: once all this crypto climate stuff becomes obsolete, the corporate elite will find something else to complain about. They seem to like the way things are, but the mass adoption of this magic internet money has already begun, and there is nothing they can do or say to stop it.”