Thread by @MGSchmelzer

In times of #ClimateEmergency we use the amount of energy of entire countries to power a digital currency with close to zero use value.

#Bitcoins carbon footprint is already comparable to that of New Zealand, its energy use to Chile. And it is growing. This needs to stop. /1

Since the value of #bitcoins - a blockchain currency largely used as speculative investment - is on the rise again and has almost reached 2017 peak levels, also the energy consumption and climate impact have reached enourmous proportions. 2/

Bitcoin’s trust-minimizing consensus has been enabled by its proof-of-work algorithm. The machines performing the “work” are consuming huge amounts of energy while doing so. Moreover, the energy used is primarily sourced from fossil fuels. All info here 3/
digiconomist.net/bitcoin-energy…

New study finds, the #bitcoin network “represents close to half of the current global data centre electricity use” 4/

sciencedirect.com/science/articl…

The carbon footprint of bitcoins is particularly high, since mining largely happens in regions where energy is produced by non-renewable resources, in particular coal. 5/

Using renewables to mine #bitcoin is not a solution. Not only does this crowd out other renewable users, we also need renewable energy for other uses. 6/

decrypt.co/43848/why-bitc…

If Bitcoin was a country, it would rank between Bangladesh and Chile in terms of energy consumption. 7/

#Bitcoins are utterly unsustainable – it cannot become the general payments system many hope it will.

Every single (!) transaction with #bitcoins has a carbon footprint equivalent to 59,025 hours of watching Youtube. It uses the energy of an avery US household of 25 days. 8/

Its not just current energy consumption of bitcoins - but the growth if it.

https://twitter.com/DigiEconomist/status/1313830674256859140