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<h2 id="header-0">Bitcoin critics still continued even in the midst of a bear market with a recent report raising concerns about its energy consumption and environmental effect.</h2>On September 29, experts at the University of New Mexico&#39;s Department of Economics released the latest report on <a href="https://www.coingabbar.com/en/crypto-blogs-english/crypto-mining-impacting-environment" rel="noopener noreferrer nofollow">Bitcoin&#39;s climatic impact</a>. According to the report, Bitcoin acts more like &#34;digital crude&#34; than &#34;digital gold&#34; in terms of climate impact.The report attempts to evaluate the energy-related climate damage caused by PoW Bitcoin mining and compares it to other industries. It claims that between 2016 and 2021, each $1 in BTC market value created was liable for $0.35 in global climate damages.”The experts conclude that the findings highlight a number of red flags for any industry considered to be sustainable. They also argue that upgrading to proof-of-stake is unlikely to make the Bitcoin network sustainable.“If the industry does not shift away from POW or move towards POS, this class of digitally rare products may need to be regulated. However, a delay will most certainly result in increased global climate damage.”After the Merge, Lachlan Feeney, the founder and CEO of Australian-based blockchain development consultancy Labrys, stated that the pressure is on Bitcoin to justify the PoW mechanism in the long run.

Bitcoin's Climate Effect More Akin To 'Digital Crude' Than Gold Report

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