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23 June 2021

Senator Elizabeth Warren Slams Bitcoin’s Energy Usage | Crypto Briefing

Senator Elizabeth Warren Slams Bitcoin’s Energy Usage | Crypto Briefing


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Senator Elizabeth Warren joined the Bitcoin environmental debate during a discussion about the potential development of a CBDC. .

Warren also took aim at crypto’s energy usage, using Bitcoin as a leading example.

She said that “cryptocurrencies like Bitcoin are terrible for the environment,” before comparing the leading asset’s energy consumption to other countries.

Proof-of-Work requires vast amounts of computational power—a Cambridge studyfound that Bitcoin uses about as much energy as the Netherlands.  .

Many crypto enthusiasts have argued that roughly 75% of Bitcoin mining comes from renewable energy sources, but this hasn’t done much to sway the asset’s biggest critics.

Warren and other skeptics tend to focus on Bitcoin when they discuss crypto’s environmental impact, but many more energy-efficient currencies have emerged as the asset class has evolved.

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