Critics pointed to Greenpeace's "factual errors" in the report.
The environmental organization Greenpeace USA has released a report "Mining for Power", which criticizes the activities of bitcoin miners and their ties to the government. The report's findings caused discontent in the crypto community, Forklog reports.
As stated in the study, the bitcoin mining industry is closely associated with companies engaged in the extraction of fossil fuels and polluting the environment. These organizations "deny global warming and oppose taking action to address the climate crisis."
The report emphasizes that the use of the Proof-of-Work algorithm in bitcoin mining leads to high greenhouse gas emissions comparable to the level of pollution from developed countries. Most of the energy used to mine bitcoin comes from fossil fuels, and the blockchain's carbon footprint is only growing, according to the report. The authors of the study also point out that the activity of miners leads to additional loads on the power grid and increases costs for taxpayers.
Among the organizations supporting mining and damaging the climate, the report lists the American Legislative Council, as well as other projects funded by the Koch brothers, and the administration of former US President Donald Trump.
Daniel Batten of CH4 Capital, who specializes in energy consumption issues in the cryptocurrency industry, expressed sharp criticism of the report. He argues that many of the study's arguments are outdated or false. "Data on the use of resources per transaction is taken from the comment of the Central Bank employee Alex de Vries. His method has been refuted by research, including at the Cambridge Judge School of Business. In other words, these values are false," Batten said.
In the comments below the Greenpeace post on Twitter, the community left a note that warns about actual errors in the study ."..such as incorrect energy accounting for transactions, as well as outdated and inaccurate information such as the share of fossil fuels used as an energy source."
"Currently, most of the resources for bitcoin mining are renewable," the report says.
The environmental organization Greenpeace USA has released a report "Mining for Power", which criticizes the activities of bitcoin miners and their ties to the government. The report's findings caused discontent in the crypto community, Forklog reports.
As stated in the study, the bitcoin mining industry is closely associated with companies engaged in the extraction of fossil fuels and polluting the environment. These organizations "deny global warming and oppose taking action to address the climate crisis."
The report emphasizes that the use of the Proof-of-Work algorithm in bitcoin mining leads to high greenhouse gas emissions comparable to the level of pollution from developed countries. Most of the energy used to mine bitcoin comes from fossil fuels, and the blockchain's carbon footprint is only growing, according to the report. The authors of the study also point out that the activity of miners leads to additional loads on the power grid and increases costs for taxpayers.
Among the organizations supporting mining and damaging the climate, the report lists the American Legislative Council, as well as other projects funded by the Koch brothers, and the administration of former US President Donald Trump.
Daniel Batten of CH4 Capital, who specializes in energy consumption issues in the cryptocurrency industry, expressed sharp criticism of the report. He argues that many of the study's arguments are outdated or false. "Data on the use of resources per transaction is taken from the comment of the Central Bank employee Alex de Vries. His method has been refuted by research, including at the Cambridge Judge School of Business. In other words, these values are false," Batten said.
In the comments below the Greenpeace post on Twitter, the community left a note that warns about actual errors in the study ."..such as incorrect energy accounting for transactions, as well as outdated and inaccurate information such as the share of fossil fuels used as an energy source."
"Currently, most of the resources for bitcoin mining are renewable," the report says.
