A US Senator has slammed bitcoin mining after a bitcoin mining firm’s record was released. The firm’s record shows the impact of its activities on the environment. Senator Warren was unimpressed and opted to aim a dig at the firm and the bitcoin mining industry in general. Mining has become a hot topic in recent months and Warren is outspoken against it.
Senator Elizabeth Warren was unimpressed by a recent record about Greenidge Generation and its mining impact on the environment. The mining company, based in New York, uses natural gas to generate electricity to power its bitcoin mining facilities. But in a recent letter to its CEO, Jeff Kirt, Warren expressed her desire that the firm addresses certain issues.
According to Warren, the mining activities of Greenidge and other bitcoin mining firms raise concerns about the environmental impact and rising costs of energy. Warren also sent an email to Bloomberg in which she advocated a study of bitcoin mining facilities to determine their energy consumption and how they affect energy tariffs in the US.
Bloomberg reported this yesterday. It won’t be the first or second time that Warren has expressed her opinions about bitcoin mining. In the past, she has talked about the environmental impact of bitcoin mining and how it stresses America’s national grid. But Warren seems to be committing more energy to the noble drive for bitcoin mining to go green.
Bitcoin Mining and the Earth’s Climate Crisis
It is no longer news that the earth is facing a dire climate crisis but according to several speakers at the recent Climate Change Conference in Glasgow, the window of opportunity to try and stem the effects and even begin possible reversal is short. Several countries refused to participate, including China and Russia; two of the countries with the biggest bitcoin mining facilities.
Bitcoin mining does consume a massive amount of energy. According to a study by Cambridge University, the annual energy consumption is 112 terawatt-hours. This places bitcoin mining ahead of most countries on the energy consumption index. And since electricity is mostly generated using non-renewable energy sources, bitcoin mining leaves a giant carbon footprint.
Warren’s recent dig at Greenidge is understood; the company relies on natural gas to power its mining facilities. Although natural gas is considered better than coal in certain aspects, its environmental impact is still significant enough to attract caution.
Current projections say that bitcoin mining may end up becoming the single most energy-consuming activity on earth as it becomes increasingly harder to mine bitcoin.
Bitcoin Mining Revenue Grew in November
As of writing, the bitcoin mining revenue for November stood at $1.168 billion. Despite concerns about a change in mining and energy policies, as well as possible crackdowns, firms continue to mine bitcoin around the world.
Some firms are pioneering the switch to green energy by adopting solar and wind energy to power their mining facilities. Manufacturers are also looking at designing better mining equipment that will make the process more energy-efficient and reduce the demand for electricity.