Billionaire philanthropist Bill Gates in a recent interview to New York times said that Bitcoin is not good for Climate citing per transaction energy used by Bitcoin is more than any other method.
Bitcoin Uses More Energy Than Any other Method- Gates
While most billionaires across the globe are busy scheduling their Bitcoin entry, Bill Gates today maintained his skepticism about Bitcoin and said that energy consumed by Bitcoin is more than any other method known to mankind.
He is concerned about Bitcoin’s high carbon footprint and called Bitcoin, quote,
“it’s not a great climate thing.”
As for Bill Gates claims, Dutch data scientist Alex de Vries estimated the Carbon Dioxide (CO2) required by each transaction of Bitcoin which comes out to be 300 KG. The amount of CO2 required for each Visa transaction is nearly 0.4 grams.
Gerald Moser, Chief Market strategist at Barclays Private Bank, voiced the concerns raised by Bill Gates and said,
“Adding cryptocurrencies to a portfolio will make it less green,”
He further raised concerns over rising electronic waste as cryptocurrency mining equipment becomes obsolete every 18 months or so and piles up as e-waste.