By Jamie G. - Crypto expert - 30-04-2021
In the most up to date Cointelegraph Crypto Duel, Alex de Vries, founding father of Digiconomist, and Joseph Pallant, the CEO and founding father of Blockchain for Climate discussed the magnitude of Bitcoin's footprint and potential paths forward to reduce it.
According to de Vries, Bitcoin's energy use has risen in tandem with the networks. In step with the analyst, when buying Bitcoin approaches mass acceptance, its carbon footprint would grow dramatically.
De Vries goes on to explain that reducing emissions would be challenging if the Bitcoin mining software continues to operate on a proof-of-work framework. With this in mind, he sees no reason for miners to accept them due to the intermittent nature of renewable energy sources. With a network operating near to almost 24/7 with an uptime of 99.9865%, current renewables would appear less viable.
As a result, the analyst believes that Bitcoin miners will still depend on fossil fuels for the foreseeable future. Pallant, on the opposite hand, disagrees. He predicts that cheap renewables will play a significant role in reducing Bitcoins’ environmental footprint.
Pallant further talks about how blockchain technology applications can also be utilised by monitoring all Bitcoins that are mined with renewable energy. By using blockchain’s real time technology to keep track on BTC numbers, Pallant believes that it will increase the demand for the mined "green coins" amongst institutional investors.