In the latest issue of Cointelegraph Crypto Duel, Digiconomist founder Alex de Vries, CEO and Founder of Blockchain for Climate, Joseph Ballant, discussed the severity of Bitcoin’s impact and possible ways to reduce it.
As de Vries noted, Bitcoin’s energy consumption increased along with the network. The analyst predicts that the carbon footprint could increase dramatically as Bitcoin approaches mass adoption.
“I fear it will get out of hand quickly if the adoption rate increases dramatically,” he said.
As long as Bitcoin is running a health check system, emissions will be difficult to cut, according to de Vries. De Vries sees no incentive for miners to use renewable energy, given the volatility of this type of energy source.
“There is no incentive for miners to simply subscribe to a plan where they can get electricity for only one hour a day,” he said.
Bitcoin miners will continue to rely on fossil fuels for the foreseeable future, according to the analyst.
Pale disagree. He believes that cheap, renewable energy sources will play an important role in limiting Bitcoin’s impact on the environment.
“We know that solar and wind energy are the lowest in many places,” he said.
Pallant also believes that blockchain technology can be used to create an overview of bitcoins mined from renewable energy sources, thus stimulating demand for green currencies among institutional investors.
“We can achieve net-zero emissions from this blockchain by reducing emissions where possible and offsetting the rest,” Palant said.