Bill Gates Says that Bitcoin is bad For the Planet

Bill Gates says that Bitcoin is bad for the planet.
image Source Google - wired


Bill Gates is targeting Bitcoin for the accessive use of Planet Energy for validation of its transactions.

In a live-streamed Clubhouse session, Bill Gates, Microsoft's co-founder and chair of the Breakthrough Energy Ventures Investment Fund said Bitcoin swallows planet energy due to the highest transactional energy consumption.

“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,”

In a broader perspective, Bill Gates is not giving a false warning. Let’s see how Bitcoin cryptocurrency actually works. Bitcoin is an encrypted, public, shared form of money generated by a longer Blockchain code. Blockchain is a set of collective records, also known as Ledger, which stores cryptocurrency transactional records as we do in Excel spreadsheets.

Bitcoin's model is to store transaction data on volunteer computers for transaction verification. A volunteer computer runs software to verify transactions made under certain rules that involve mutual agreement between both parties, and the buyer has enough money in his Bitcoin wallet.

The volunteers are known as Miners. Miners are rewarded for their hardware and the energy that computers consume by kickbacks. These kickbacks are in the form of cryptocurrency.

Bitcoins don’t rely on single computer verification. If the system gets enough verified results from different Miners then the transaction joins the recent transaction of the world as “Block”.

The math required for the transaction requires so much computing power that it cannot be validated by a single computer or group of users, which prevents the system from generating fake currency.

Bit mining requires dedicated machines.

This whole process requires dedicated hardware and consumes a lot of power. In addition, more cooling systems are needed to keep the temperature of the machine low for complicated mathematical processes.

A huge amount of energy is wasted for a single transaction. Bill Gates’s concerns are not just for the headlines. The world is concerned about the waste of Energy. So many countries are facing an energy crisis. Our current ways of generating energy are subject to Climate Change. This currency is not good for Green Planet.

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16 Comments

  1. I would be interested to know how much power Microsoft data centers use and where theyre actually getting the data on bitcoin mining powerconsumption. Kind of just sounds like he is trying to push his green energy agenda...

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    1. Bitcoin consumes as much power as Ireland - that's excessive, way beyond the amount used to run MS data centres. Even worse, many of the miners are located in China, Russia etc. That could be a serious problem if Bitcoin became widespread and there was a conflict with this countries. Bill is correct.

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  2. There are plenty other problems to target to solve the global energy crisis... Bitcoin ain't the biggest problem here, why is it targeted once it succeeded ? Mr. Gates should refrain from such comments for his own reputation... Linux will sweep his windows floor soon enough... and everyone was laughing that Linux will never see the success, who's laughing now? :D Next time Microsoft won't sue Schools using illegal Windows... (crazy...)

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  3. Bill Gate is bad for the planet. His projects has killed more humans in the past years than wars in the past 20 years.

    BTC is saving the people.

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  4. Author (and Bill Gates) ought to do better research. Yes bit coin mining uses energy (as do all electronic financial transactions). However it's not the usage of energy that is 'bad for the planet' it's the method of generating/capturing the energy that is 'bad for the planet' .
    Also explain to author the difference between 'excessive' and 'accessive' there's no such word as the latter.

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  5. So how do you spell excessive?

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  6. Is this the same Bill Gates that has four private jets and numerous helicopters? The same Bill Gates that used Douglas fir trees that were hundreds of years old to build his house? Couldn't be....surely!

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  7. Well i think Bill Gates is bad for the planet never mind bitcoin

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  8. But the traditional financial system expends vast resources to print cash and to distribute cash and cards and to secure cash and account credentials and payment networks.

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  9. How about we talk about Bill Gates' extensive investments in the fossil fuel and aviation industries? Hypocrite.

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  10. funny coming from a family that has a carbon footprit the size of a midsized country

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  11. Bill Gates needs to shut up about his boomer coin, the crypto currency ecosystem has already come up with solutions to bitcoin and ethereums shorcomings.

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  12. Sounds like another Elitist drive to prevent ordinary people from sharing in the success of Bitcoin before the price skyrockets. As for 'Climate change' ...............

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