Crypto Energy Use: Could These Stocks Be Winners?
There's a lot of speculation behind the exact reasons for the recent cryptocurrency sell-off. Whether prices for digital currencies are in a bubble or not is up for debate. But whether you're a fan of Bitcoin (CRYPTO: BTC) or view it as a valueless mirage, there's no denying that mining it has a significant negative impact on the environment.
According to the Cambridge Centre for Alternative Finance, Bitcoin's estimated annual energy consumption is 116 terawatt-hours. That's as much electricity as countries like Argentina or The Netherlands consume in a year.
Bitcoin's environmental impact has been a topic of conversation for years, but it's gained more attention as of late. One reason is that famous names have taken note of it. When Elon Musk announced that Tesla would no longer take Bitcoin as a form of payment due to environmental concerns, the price of the tokens slumped. Another issue is that the total energy consumption for Bitcoin mining tends to increase with its price as more operators bring computers online to compete to mine new supply.
Source Fool.com
