Bill Gates finds another flaw in Bitcoin

A single Bitcoin transaction uses more energy than any other method, which has a negative impact onglobal climate situation. This opinion was presented by the co-founder of Microsoft Corporation Bill Gates in an interview with the New York Times.

The publication noted that the annual carbon footprint from the production of the first cryptocurrency and the validation of transactions with its participation is equivalent to that of the whole of New Zealand or Argentina.

Data Scientist from the Central Bank of the Netherlands Alex de Vriescalculated that each transaction in the bitcoin blockchain requires 300 kg of CO2 - the same amount is spent on 750 thousand transactions with the Visa payment system, Forbes drew attention to. The reason for the discrepancy lies in the nature of the distributed ledger, which provides transaction transparency and censorship resistance.

Despite the desire to improve environmental protection, Gates tried not to be categorical in his statements in interviews.

“If it’s green energy and it doesn’t crowd out other uses, mining the first cryptocurrency may be acceptable,” the famous billionaire added.

According to a study by a business school atAt the University of Cambridge, 39% of all bitcoin mining was carried out using renewable energy sources (RES). The most popular source of electricity for mining farms is hydropower, according to the report.

Earlier, the Norwegian holding company Aker announced plans to deploy green energy-based bitcoin mining operations.

In December 2020, payment company SquareJack Dorsey has announced plans to cut carbon emissions from its operations to zero by 2030. The firm will also provide $ 10 million to support renewable bitcoin mining.

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