Are we misguided about Bitcoin minings environmental impacts? Slush Pools CMO Kristian Csepcsar explains - BitcoinEthereumNews.com
It‘s a controversial topic in the blockchain community that comes up from time to time — just how much impact Bitcoin (BTC) mining has on the environment. Last year, Tesla’s CEO Elon Musk brought forth a sharp correction in the cryptocurrency market by tweeting that his namesake car company would abandon plans to accept BTC, citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” However, a recent report published by CoinShares notes that despite the widespread use of coal, oil, and gas for Bitcoin mining, the network accounts for less than 0.08% of the worlds CO2 production. During an exclusive interview with Cointelegraph, Kristian Csepcsar, chief marketing officer at Slush Pool, the oldest Bitcoin mining pool, gave insight on what he believes are current misconceptions regarding Bitcoin minings environmental impact. When asked about the drawbacks of using electricity derived from oil and gas mine Bitcoin, Csepcsar says there are more than meets the eye: We‘re literally burning the gas into the atmosphere just because it’s not economical to do anything with it [Flaring]. Instead, we can put it into a motor to produce electricity and use that to mine Bitcoin. Flaring is the process of burning surplus natural gas during