Bitcoin

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p>A recent article in the journal Cell Reports Sustainability <a href="https://www.wsj.com/science/environment/bitcoin-water-cryptocurrency-transactions-mining-607f46e9?st=cwuqob7egb7hnxb&amp;mod=googlenewsfeed" rel="noopener noreferrer nofollow">has shown</a> that Bitcoin mining operations globally consume more water annually than New York City, according to The Wall Street Journal. The estimated water consumption by Bitcoin miners is expected to surpass 591 billion gallons this year.&nbsp;</p>
<p>This figure notably exceeds the 403 billion gallons used by New York City in 2022, according to the U.S. Geological Survey.&nbsp;</p>
<p>The primary water usage in Bitcoin mining arises from the cooling needs of computer servers, both directly and indirectly through air conditioning systems in gas- and coal-fired power plants.</p>
<h2 id="topic-of-heated-debate">Topic of heated debate&nbsp;</h2>
<p>Bitcoin's intensive use of resources extends beyond electricity to significant water consumption. The digital currency's operations require large data centers, which are increasingly demanding in terms of both electricity and water usage.&nbsp;</p>
<p>Critics, including environmental organizations, have raised concerns about the sustainability of Bitcoin mining. The debate centers around whether the energy and resource consumption of <a href="https://u.today/bitcoin-mining-difficulty-hits-new-record-high" rel="noopener noreferrer nofollow">Bitcoin mining</a> is justified by its utility.&nbsp;</p>
<h2 id="flawed-methodology">Flawed methodology?</h2>
<p>The report's findings quickly became the topic of another heated debate. Critics like Stephen Diehl <a href="https://twitter.com/smdiehl/status/1730129278367338720" rel="noopener noreferrer nofollow">condemned</a> Bitcoin as an environmentally harmful technology, while proponents <a href="https://twitter.com/DSBatten/status/1731050521933537590" rel="noopener noreferrer nofollow">like Daniel Batten</a> challenged the accuracy of the aforementioned claims.&nbsp;</p>
<p>Batten argued that the methodology used in estimating Bitcoin's water usage was flawed, stressing the need for a more nuanced understanding of resource consumption in the context of renewable resources like water.&nbsp;</p>
<p>He pointed out that the indirect measurement of water use through electricity consumption does not accurately represent Bitcoin's actual water footprint.&nbsp;</p>
<p>Furthermore, Batten criticized the approach of correlating unrelated variables to draw exaggerated conclusions.</p>

Bitcoin Mining Exceeds New York City's Annual Water Use: Report

Table of Contents

U_Today

Other articles published on Dec 6, 2023

Bitcoin News: Bitcoin Whale Wallets Returning Back to Buying, Bull Market Here to Stay

Rumors of Ethereum sell-off by 3 institutional giants gain traction

Luna Classic (LUNC): A Lucrative Investment Opportunity?

Former SEC Exec Says Crypto Will All Come ‘Crashing Down’, Here’s Why

Do Kwon appeals extradition decision from Montenegrin high court

HKMA Sets Ambitious Step Towards Sustainable Finance

Join our free newsletter for daily crypto updates!