Bitcoin’s decentralized nature will permit miners to utilize the consumption of energy in future-Citi Bank

Bitcoin’s decentralized nature will permit miners to utilize the consumption of energy in future

There are plethora of persons,  that are not in agreement with the expectations of Square, which they considered lofty as regards to a green Bitcoin future.

Also, just last month, Citi gave their opinion on the premise that Bitcoin will be the choicest currency for international trade has since taking an opposing dimension on Bitcoin, by positing that a problem in a world that is increasingly aware of the impact of investment decision on the environment  is Bitcoin’s energy consumption.

The use of renewable energy might be the solution for Bitcoin down the line as posited by the bank which is in line with Square’s position.

On Bitcoin mining, about 40% is premised on renewable energy and Bitcoin’s decentralized nature will permit miners to utilize the consumption of energy in future.

With that being said, the data suggests Bitcoin’s energy consumption (and resulting carbon footprint) is going in the wrong direction. Today, Cambridge University suggests Bitcoin consumes approximately 113 TWh of energy per year, while Digiconomist, a website dedicated to unearthing the unintended consequences of technology, puts the figure closer to 100 TWh.

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