BTC$43 168.18


ETH$3 004.08






Binance Coin




Bitcoin energy problem speaks to wider challenge for internet’s future

25 May 2021   #Bitcoin

Greenpeace USA spoke to Cointelegraph about the organization's perspective on cryptocurrency and recent decision to scrap its Bitcoin donations channel. With the hindsight of today's perspective on Bitcoin's (BTC) exorbitant energy consumption, it might come as something of a surprise to learn that the international non-governmental environmental organization Greenpeace was one of its earlier adopters. Back in 2014, the organization set up a facility for accepting Bitcoin donations, yet this enthusiasm has now cooled, as widespread attention has homed in on the climate risks posed by energy-guzzling Proof-of-Work coins like Bitcoin. Last week, news broke that Greenpeace had decided to scrap the facility, holding it to "no longer be tenable" in an era of rapid global warming. 

Much of this concern has been amplified by the fact that this year's unprecedented cryptocurrency bull market was accompanied by a corresponding hike in energy needs: skyrocketing prices led to a doubling of the Bitcoin network's energy consumption by March of this year, according to a recent study from the Vrije Universiteit Amsterdam.

In correspondence with Cointelegraph, Greenpeace USA media director Travis Nichols said that as the environmental profile of Bitcoin became clearer to the organization, Greenpeace did indeed decide to scrap its facility, despite the fact that the number of BTC donations it had received was not significant. Nichols contextualized Bitcoin's energy quandary within a wider perspective on global digital infrastructure, writing:

"The huge and ever-growing amount of energy needed to run Bitcoin is largely down to the particular technology used to maintain this digital currency, but it also points to a wider challenge for the future of the internet. As web services grow and become more complex, the demand for computing power will continue to go up over the next few years, and that will require much more energy." 

Nichols noted that only a fifth of the electricity used in the world’s data centers currently comes from renewable sources — something that will have to be turned around fast if the internet's expansion and role in supporting economic growth are to be made sustainable.

To push back against Bitcoin's growing reputation as a “dirty currency,” several industry participants have tried to draw attention to the fact that its energy needs are still overshadowed by those of the global banking system and even the gold market. A recent report from Galaxy Digital contrasted these aggregate figures to show that Bitcoin still consumes less than either, in addition to stressing that data from the banking industry on electricity consumption is significantly less transparent than that available for Bitcoin.

However, analysts from outside the industry counter this by emphasizing the relative, not aggregate, figures. A blog post from the London School of Economics published today notes that “each individual bitcoin transaction uses the same amount of electricity as 778,988 credit card transactions” and has “the same carbon footprint as processing 1,218,903 transactions.”

Nichols' bottom line was that the internet, like all infrastructure, will need to be powered by “clean energy sources that help, not hinder the crucial challenge of tackling climate change.” Those advocating for Bitcoin's potential to purportedly incentivize renewables adoption will have to prove their case, and fast, or risk the veteran cryptocurrency being “left behind” as the world enters the endgame of climate politics.


Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping
Buyers have returned to cryptocurrencies
FBS Launches New Crypto Account with 100+ New Instruments
Bitcoin in good shape as long as BTC price stays above $40K
Is it a Buy-the-dip moment for crypto?
Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler
Bitcoin loses $44K support as stocks, Evergrande nerves hit BTC price
Cryptocurrency market rebound dries up, alarmingly recalling 2018
Bitcoin sees quite healthy consolidation on $200M BTC options expiry day

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 36 $43 168.18 0.32% -0.37% $812 772 420 923 $31 192 680 458
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 004.08 -0.89% 0.41% $353 583 713 819 $19 390 160 771
3 Cardano (ADA) ADA Cardano predictions 67.2% 71 $2.18 -1.67% 3.44% $69 832 878 215 $3 073 248 637
4 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000513 -0.07% 0.05% $68 578 142 843 $71 016 415 448
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 61 $341.82 -0.94% -6.18% $57 472 750 025 $1 552 010 074
6 XRP (XRP) XRP XRP predictions 75.6% 49 $0.938253 -0.25% 1.51% $43 832 950 516 $3 033 647 400
7 Solana (SOL) SOL Solana predictions 68% 64 $140.49 3.07% 2.42% $41 785 405 951 $2 881 769 726
8 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000447 -0.04% 0.02% $31 153 823 850 $3 173 493 897
9 Polkadot (DOT) DOT Polkadot predictions 66.8% 65 $28.29 -1.81% -1.37% $27 941 506 166 $1 712 123 937
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 61 $0.203046 -0.96% -3.24% $26 692 493 819 $855 732 314
11 Avalanche (AVAX) AVAX Avalanche predictions 59.2% 81 $68.22 2.85% 15.73% $15 027 546 330 $1 240 912 224
12 Terra (LUNA) LUNA Terra predictions 68.8% 60 $37.38 6.51% 33.72% $14 951 567 039 $1 684 215 996
13 UniSwap (UNI) UNI UniSwap predictions 66.8% 67 $22.91 -4.24% 8.57% $14 010 020 202 $1 160 176 166
14 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000238 -0.06% 0.01% $13 529 303 353 $5 078 288 807
15 Chainlink (LINK) LINK Chainlink predictions 64.4% 67 $23.59 -3.95% -0.49% $10 732 590 020 $1 097 433 048

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.