Cathie Wood and Ark Invest analysts break down how bitcoin mining could increase the overall share of renewable energy — and explain why they remain highly convicted in bitcoin and ethereum
, but it also begs the question of whether bitcoin deserves to consume so much energy.
Elmandjra, who is obviously in the camp of viewing bitcoin as"a tool to enable sovereignty or escape monetary repression and capital controls," took it one step further. He believes that bitcoin mining could not only yieldHow bitcoin mining could increase the use of renewable energy , Elmandjra said it's important to understand how bitcoin consumes energy.
"Because bitcoin's energy footprint has grown so rapidly, people sometimes assume that it's going to eventually take over the entire energy grid," he said."But once coins have been issued, the energy required to actually validate these transactions is minimal, so simply looking at bitcoin's total energy and then dividing that by the number of transactions doesn't make sense.
"We believe that as renewable options like solar continue to become more efficient, bitcoin could actually end up serving as an incentive for miners to build out these technologies," he said."With bitcoin mining integrated into a solar battery system, energy providers can basically play the arbitrage between electricity prices and bitcoin prices and then sell surplus solar, and supply almost all grid power demands without actually lowering the profitability of the system.
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