Bill Gates argues that Bitcoin is bad for the climate because of its electricity consumption.
During a Clubhouse interview with CNBC’s Andrew Ross Sorkin, Microsoft co-founder Bill Gates criticized Bitcoin for its excessive use of energy, claiming it consumes more electricity “than any other method known to man.”
Bitcoin uses more electricity per transaction than any other method known to man and is therefore bad for the climate.
If Bitcoin uses renewable energy then it will be fine, according to Gates.
Gates reiterated that he has not yet jumped on the Bitcoin train after mentioning it recently.
I did not choose to invest in Bitcoin. I’m buying malaria vaccines. I’m getting measles vaccinations. I invest in companies that produce products.
Still, he spoke of applauding those who made fortunes with Bitcoin.
The Gates Foundation is currently developing its own digital currencies with “very low” transaction fees.
Ripple CEO supports sustainable mining
As big companies like Tesla and Square add Bitcoin to their balance sheets, they are faced with growing criticism from those concerned about the carbon footprint of the cryptocurrency.
In March, Ripple CEO Brad Garlinghouse called mining a “big waste” and urged public companies to use “more energy efficient” assets in October.
Since then, he has softened his rhetoric on proof-of-work currencies and is now promoting sustainable mining in his latest tweet:
The priorities of Biden Management are clear:
“They talk about climate change every day. Instead of discussing exactly how much energy mining uses, let’s focus on making this industry a leader in sustainability. “