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IPFS News Link • Bitcoin

Is This The Solution To Bitcoin's Massive Electricity Consumption Problem

• Zero Hedge

By Eric Peters, CIO of One River Asset Management, which has invested over $1 billion in cryptocurrencies.

"By shining light on this, we'll draw people's focus," said Marcel, my head of research. "More accurate electricity generation and consumption data will naturally come to us - you'll see. And with clean data, industry will push for faster progress."

His idea was sparked when I shared info from my network about a Brazilian company that pioneered private carbon-offset-credit tokenization. We were brainstorming with Sebastian, my new digital president, about how to tackle Bitcoin's ESG concerns.

We see Bitcoin's social and governance score as a 10 out of 10 given that its decentralized protocol is governed by a remarkable form of democracy and transfers power from usurious financial institutions to individuals.

But miners who secure the network use lots of electricity. This is by design - a feature, not a bug.