One energy expert has raised the objection that the problem of power consumption due to bit coin mining is an oversimplified argument.
Katrina Kelly-Pitou, a researcher at the University of Pittsburgh Energy Center, has argued that the relationship between bitcoin and energy is too simplistic. It is pointed out that it is better to discuss where the energy is developed and how it is made, rather than how much energy is used for the bit coin.
She says that talking about energy consumption alone does not understand one of the most fundamental advantages of renewable energy systems, and says it can increase power generation with minimal impact on the environment.
Recent studies suggest that by 2018, 0.5% of global energy use is estimated to be used for mining. Dr. Kelly argues that energy sources are important, not energy. China has long been a cryptographic powerhouse because of its low power supply. However, it is pointed out that there are a lot of problems in China centering on fossil fuels. China is actually producing enormous amounts of carbon dioxide.
Recently, Iceland has become a popular country for bitcoin mining. The difference is that it relies on geothermal and hydroelectricity, which is almost 100% renewable energy. In this case, the demand for mining power and its impact on the environment are totally irrelevant. Kelly takes the example of the US Pacific coast and northwestern Iceland with a rich supply of low carbon energy sources.
In addition to carbon dioxide emissions issues, another aspect of the bitcoin mining debate is presented. Last year, it consumed 30TW by mining, but a banking industry pointed out that it consumes 100TW of power each year. Bitcoin technology is currently only 2% of energy consumption, even if it grows more than 100 times.