They assure that the leaders of the traditional financial system have been skillful in minimizing their environmental impact

They assure that the leaders of the traditional financial system have been skillful in minimizing their environmental impact

In social networks, in cryptocurrency communities as well as traditional investors, and even national parliaments, the contamination that cryptocurrency mining would generate has been debated, even comparing it with the operation of the traditional banking system and evaluating whether it would be aligned with the plans of the UN 2030 agenda.

In this sense, Camilo Cristia, CEO of Let’s Bit, the Argentine app for the exchange of cryptocurrencies, recently shared its opinion on the alleged contamination caused by bitcoin mining with the proof of work protocol, and explained that This topic is usually talked about a lot in the traditional media due to the high energy consumption, and its little history for just over 13 years.

“The high energy consumption involved in mining cryptocurrencies leads one to think that it is highly polluting. Being a relatively new technology and unknown to many, it is believed that spending energy on them is superfluous and harms the environment. In turn, it is the main argument of the detractors of bitcoin”Christia explained.

Likewise, Cristia took advantage to refute that theory about bitcoin mining, taking in comparison the energy consumption of the banking system.

“I think there are two reasons (the energy consumption of the banking system is not discussed): we are used to the existence of banks, physical money and other parts of the traditional financial system, so we do not tend to question something that ” always” was present. And then I think that the leaders of the traditional financial system have been clever in minimizing their environmental impact” he commented.

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Lastly, it should also be noted that This same month, a report by ValueChain came out in which it was ensured that banking consumed 56 times more energy than Bitcoin.

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