Will having bitcoins become a status symbol – or a scarlet letter for a new generation of climate-focused investors, aware of the challenges that this poses?
The answer is complicated.
Bitcoin supporters say their carbon footprint estimates are overstated. And if the computers that mine and help transact bitcoins are connected to an electrical grid that uses wind and solar energy, they add, mine and use that will be cleaner over time.
“We believe that the cryptocurrency will end up being powered by clean energy, eliminating its carbon footprint and driving the adoption of renewable energy worldwide,” said Dorsey, of Square, in a statement as part of a commitment by his company. be zero carbon emissions by 2030. The company has committed $ 10 million to invest in new “green energy technologies in Bitcoin mining and aims to accelerate its transition to clean energy”.
On that point, Gates, who considers himself a skeptic about Bitcoin unrelated to climate issues, says it is possible that the challenges will be overcome, but he was still not convinced.
“If it’s green electricity and it’s not preventing other uses, eventually, you know, maybe it’s okay,” he said.
Several companies are working on some counterintuitive ideas to make Bitcoin green. On Monday, Seetee, an investment company involved in cryptocurrency, said it planned to invest in Bitcoin “mining operations that transfer stranded or intermittent electricity without stable local demand – wind, solar, hydro – to economic assets that can be used Anywhere “.
In other words, the company plans to build wind and solar in locations that may not be perfectly situated for the technology and will use the extra energy to mine Bitcoin, earning money in the process. “Bitcoin is, in our eyes, an economical battery for load balancing, and batteries are essential for the energy transition needed to achieve the goals of the Paris agreement,” the company said in its announcement.