A common misconception seems to be that Bitcoin’s proof of work mechanism exceeds that of the many small nations, thus making it harmful to the environment and detrimental to power grids. People learning about Bitcoin for the first time might find these statistics alarming.
Feeding into this false narrative are researchers at Cambridge University. The team’s research reports and models are frequently referenced in pessimistic news articles estimating that the electricity consumption of the public blockchain network is higher than in countries like Switzerland and the United Arab Emirates.
To put this into perspective, there is a flaw in the logical structure of all these arguments. That flaw is BTC is not Bitcoin, and now that Bitcoin has been unlocked on the Bitcoin SV network, it’s immensely more efficient than ever before.
Before we get started on what I believe, Bitcoin thought leader Kurt Wuckert Jr wrote earlier this month that “every system has financial and ecological costs.” It might come as a surprise to many, but Bitcoin is already more efficient than Visa at a fundamental level. Overall, Bitcoin’s infrastructure has a considerably smaller footprint than many legacy financial systems.
A Bitcoin economy actually reduces global energy usage and improves the environment. The proof-of-work mechanism is more transparent and becomes more efficient as the usage increases. How? It enables the conversion of energy to value and hinders illicit collusion by design. It has far more financial incentive to be more efficient with power in computation and value transfer.
Bitcoin SV plans to scale to over 4 million transactions per second to support various use cases for variable markets beyond just financial transactions. Bitcoin transaction processing rewards the most energy-efficient blockchain infrastructure company with the most profit.
It is clear that the current block reward mining processes on the BTC and Ethereum networks are not sustainable, and they will only get worse. The solution is not to pivot to a disastrous proof-of-stake consensus mechanism or restrict block sizes on the poorly constructed networks. It’s time for those inefficient and wasteful projects to go away.
Bitcoin has the potential to change the world, but not if mainstream news outlets and so-called “experts” continue to misidentify the digital currency. The answer to blockchain becoming more sustainable is to stop giving resources, press, and support to altcoin blockchains ran by scammer and zealots and focus on the real Bitcoin.
So next time you are looking for a green tech solution that can power an enterprise-level product’s infrastructure. Start with Bitcoin SV. It’s the only tool that can replace EVERYTHING from data center racks to centralized cloud hosting providers.
See also: Equity analyst John Pitts and fintech expert Len Mazur discuss TAAL, Bitcoin and the transaction processing industry
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.