Dear family offices, bitcoin is not destroying the environment
The headlines are scary, but as with all things, there are two sides to a story. This article explores how bitcoin mining is actually a net positive for the environment, and why the current narrative being portrayed is antithetical to the truth.

What you need to know

  • In the investment world, no topic seems to be as contentious as cryptocurrency – and bitcoin in particular. Almost immediately after its discovery, the currency was plagued with negative associations, mostly relating to its environmental impact.
  • However, reports are starting to say otherwise, and the discussion around bitcoin is seemingly starting to change.
  • For family offices exploring cryptocurrency, bitcoin could be an interesting investment path to follow, especially for those with next-generation leaders who are concerned about environmental welfare.
Investments Updated on October 21, 2022

With headlines like “Bitcoin mining is disastrous for the environment – it is time for governments to intervene” and “Bitcoin consumes more electricity than Argentina”, it’s understandable that the public could be concerned. Contrary to these alarming headlines, however, there is emerging evidence that bitcoin mining is actually a net positive for the environment, and why the current narrative being portrayed is antithetical to the truth. For family offices interested in cryptocurrency exploring new investment avenues, bitcoin puts forward a good case.

Why does bitcoin mining use so much energy?

The first thing to note is that bitcoin mining actually doesn’t consume nearly as much energy as most would think. In concrete terms, the amount of energy that the world produces every year is 162,194 TWh. Out of that, bitcoin uses as much as 189 TWh, which equates to only 0.1% of total global energy production. Additionally, the gold industry uses 21% more energy than bitcoin, the banking sector uses 28% more, and even the global energy consumption of televisions is estimated to be 33% more than bitcoin. The military-industrial complex also produces approximately 5,580% more greenhouse gas emissions than bitcoin.

About the Authors

Andrew Howard

Andrew Howard

Bitcoin

Bitcoin is a sustainable and long-term solution to the challenges the world faces. I help Family Offices understand and invest in this emerging field.

Connect with Andrew Howard

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