Blockware Solutions analyst Joe Burnett, of blockchain infrastructure and crypto mining company, said the crypto community needs to dispel the myth that Bitcoin is bad for the environment.
Experts discussed the need for a complex, multi-dimensional view of energy consumption for cryptocurrencies in the first edition of Cointelegraph’s research panel.
Explaining his belief that Bitcoin’s energy consumption is not a threat to the planet, Burnett said:
“I think Bitcoin mining is not harmful to the environment, I think that if anything it encourages more electricity generation, it will improve grid reliability and resilience and I think it will probably lower retail electricity prices in the long run.
He added that Bitcoin mining is “a boon to generate cheap energy and it is good for all mankind”.
However, speaking of the biggest challenges facing the mining industry, PRTI Inc.’s Magdalena Gronowska Advisor. said that despite much progress, the transition to a low-carbon economy and reducing greenhouse gas emissions remains an obstacle.
The Bitcoin Mining Council also discussed the role of mining in Bitcoin mass adoption and the future of the industry.
Hashworks CEO Todd Esse explains that the mining industry has the potential to lay foundations in the Middle East, North America and to some extent Asia in the future. However, the expert said whether the growth of industrial extraction in new areas leads to mass adoption depends on the availability of natural resources and energy costs.
When asked if the growing collaboration between major energy companies and bitcoin mining would help improve the reliability of the cryptocurrency and resume mass production, CEO Nick Hanse Hansen of Luxor, said:
“No, definitely not, but it will be a life-changing thing for everyone, whether they know it or not. As a buyer of last resort and a buyer the first way to get energy. This will transform energy, the energy market and the way it is produced and consumed.”