Bitcoin has come under pressure in recent years because of its high energy consumption when mining the coins.
The CEO of chip-making giant Intel recently criticized Bitcoin's environmental impact in an interview with Bloomberg .
In 2019 Patrick Gelsinger stated that Bitcoin is poorly designed as the technology uses too much energy. When asked if he still thinks Bitcoin is a climate crisis, he replied in the affirmative. Gelsinger said:
“A single ledger entry in bitcoin uses enough energy to power your house for almost a day. This is a climate crisis.”
The leading cryptocurrency has come under scrutiny over the past few years for its massive energy consumption. People like Tesla CEO Elon Musk also spoke about Bitcoin's high energy consumption and the damage it is causing to the environment.
The poof-of-work protocol has been documented to consume massive amounts of energy due to the mining process. As a result, some blockchains like Ethereum are migrating to the more environmentally friendly Proof-of-Stake protocol.
Data obtained from the University of Cambridge shows that the Bitcoin network is currently consuming an estimated 125 terawatt hours of electricity annually. That's more electricity consumed per year than most countries, including the United Arab Emirates, Sweden and Norway.
In the interview, Intel's CEO took the opportunity to promote the company's new mining chip. According to Gelsinger, Intel's mining chip addresses the climate problem associated with Bitcoin mining.
Gelsinger added that Intel is preparing to launch its new mining chip and promised that it would be less harmful to the environment compared to current chips. He said:
"We're going to work to fix this because this is a powerful technology, an immutable, usable, digitized input system that can transform currencies, transactions and supply chains, so yes, this is exciting."
Bitcoin has lost more than 3% of its value today and is currently trading at $41,000 per coin.
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