Jack Dorsey, the co-founder and CEO of Twitter, tweeted Wednesday that bitcoin ‘incentivises renewable energy.’ And Elon Musk responded ‘True.’
The BBC adds that the tweets came ‘despite experts warning otherwise.’
The cyrptocurrency’s carbon footprint is as large as some of the world’s biggest cities, studies suggest. But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.
One expert said it was a ‘cynical attempt to greenwash’ bitcoin. China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world…
The tweet comes soon after the release of a White Paper from Mr Dorsey’s digital payment services firm Square, and global asset management business ARK Invest. Entitled ‘Bitcoin as key to an abundant, clean energy future’, the paper argues that ‘bitcoin miners are unique energy buyers’, because they offer flexibility, pay in a cryptocurrency, and can be based anywhere with an internet connection. ‘By combining miners with renewables and storage projects, we believe it could improve the returns for project investors and developers, moving more solar and wind projects into profitable territory,’ it said.
Author and bitcoin critic David Gerard described the paper as a ‘cynical exercise in bitcoin greenwashing’.
‘The reality is: bitcoin runs on coal,’ he told the BBC…. ‘Bitcoin mining is so ghastly and egregious that the number one job of bitcoin promoters is to make excuses for it — any excuse at all.’
Read more of this story at Slashdot.