Will bitcoin save the climate?

Bitcoin is often accused of being an energy guzzler that is harmful to the environment. Is this a defect that you have to accept? Or does bitcoin have a positive effect on the climate?

Recent problems with cryptocurrency exchange Binance, which has been censored by US authorities, have brought Bitcoin critics back to the fore again. What is left of the magic of cryptocurrency? is the title of an article on the ARD’s homepage “Tagesschau”, which was met with negative comments from the Bitcoin community on social media: It wouldn’t be between the decentralized Bitcoin Cash System, other Crypto projects and various frauds going on under the guise of “cryptocurrency”.

However, the article also criticizes the high power consumption: “Bitcoins are produced using complex computing processes in high-performance computers and must be certified. Since the amount of new bitcoins is limited, only bitcoin miners with the fastest computers get On the off chance. The rest are stuck with massive electricity costs and high consumption. Due to the power consumption and the large amount of waste heat from computer systems, cryptocurrencies are bad for the climate.

Bitcoin, the biggest polluter?

And it’s true: Bitcoin is bad for the climate. But right?