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Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining
When billionaire Elon Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the price of the crypto asset tanked. In justifying this decision, Musk cited bitcoin mining’s inefficient use of electricity as well as its impact on the environment. In fact, before Musk waded into this debate, many opponents of the crypto had repeatedly attacked bitcoin’s energy-consuming transaction confirmation process.
The Bitcoin Mining Environment Argument
As expected, bitcoin maximalists and crypto supporters have been pushing back against what they see as an unbalanced argument. To bitcoiners, the environmental impact claims or electricity costs argument completely ignores the negative externalities associated with the creation/production of alternative stores of value like gold and fiat.