Fact-Checking 8 Claims About Crypto’s Climate Impact
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Bitcoin mining, the process that safeguards the Bitcoin network, uses more power globally per year than most countries, including the Philippines and Venezuela. Some experts say that there’s potential for positive impact from crypto mining, but most agree there are few indications that the industry is going in the right direction. In the long run, they say, crypto will revolutionize the energy grid, and soak up excess energy that would have been otherwise wasted. In June, New York officials denied the air permits of a Bitcoin mining operation, citing “substantial greenhouse gas (GHG) emissions associated with the project” The decision could set a precedent for how local jurisdictions across the country approach a hotly contested topic. The Bitcoin Mining Council argues that 60% of mining comes from renewable sources. Source