One of the most commonly repeated criticisms of Bitcoin is its energy consumption. It seems that every few months, some new report is penned stating that Bitcoin uses the same amount of electricity as an ever larger country.
However, demonising Bitcoin on such grounds is highly reductionist. After all, there is a lot more that goes into our current monetary system than just ten thousand or so supercomputers running day and night.
Bitcoin Can Clean Up Its Act, Can Fiat?
The main gripe environmentalists seem to have with Bitcoin is that it uses a lot of electricity. This, of course, is true. However, it doesn’t tell the whole story.