Canadian businessman Kevin O’Leary, a member of the Shark Tank program, discussed how bitcoin mining could revive sustainable energy sources and help “to save the planet”.
O’Leary explained that the reluctance of many miners is explained by the fact that carbon offset programs are difficult to verify. The problem is that the margins of error of these initiatives make, in his words, “virtually impossible” audit them effectively. That is why entrepreneurs are not clear that carbon offset options are viable in the long term. However, at the Bitcoin Conference 2022 he stated that “Bitcoin mining will save the planet and the demand for nuclear and hydropower will spur further innovation and adoption of sustainable energy”.
The debate about energy use for mining based on the proof-of-work method is giving a lot to talk about this year. This protocol requires solving complex calculations so that transactions can be carried out and “be generated” cryptocurrencies. Regulators seem concerned about energy spending and consequently Legislation is being prepared to limit this activity in certain places.
The Canadian businessman stressed that miners must opt for green energy alternatives from the beginning, going so far as to declare that he “would install turbines”. In addition, he emphasized that the regulation of crypto assets is indispensable for the energetic evolution of mining.
Kevin O’Leary’s statements did not go unnoticed, as only a few months earlier he demonstrated against mining when it was extracted from Chinacoming to qualify Bitcoin at the time as “blood coin”. Apparently, the businessman changed his mind when mining left the Asian giant.
Not long ago several Bitcoin mining companies responded to environmental concerns with the promise to become carbon neutral at the end of 2022. One of them is from North America: Marathon Digital Holdings.
O’Leary hopes that in the future mining companies will use hydroelectric or nuclear power to operate, which he calls the “norwegian model”. The goal would be to find a place where there is an abundance of hydroelectricity, pay for a transmission line, and use it to build a bitcoin mining facility..
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