Is blockchain technology bad for the environment?


#1

thoughts on this article and the claims?
Also, is the problem just proof-of-work? And if so what are the real alernatives if any?

Thanks


#2

All that energy could be used for other things, but I wouldn’t necessarily say it’s bad for the environment. Plus, as technology moves along, processing becomes cheaper with less power drain anyway.


#3

The problem is mainly with proof of work, as other validation systems evolve - such as proof of stake - it will probably get better.


#4

This video by Andreas sums up the arguments well. If you’d rather not watch he basically says:

  • Bitcoin energy consumption is perfect for consuming both green sources of energy and additional energy produced by the grid that would otherwise not be used by anyone.

Other points that are maybe not in the video (I can’t remember): energy consumption of Bitcoin is necessary for it’s security and it represents the resources used for security which is something that happens with every other payment system. If we’re using the Lightning network in the future the per person energy cost of TXs will be far lower.

Cheers,
Ben