By
Steve Muchoki
April 25th, 2024
According to reports, the Bitcoin network consumes approximately 115 terawatt-hours of energy every year, a figure higher than what most of the world’s countries use annually.
Iris Energy Pty, a sustainable Bitcoin mining firm has jumped to the defense of BTC, stating that the biggest cryptocurrency will stand tall amid the recent environmental concerns with regards to its mining. Daniel Roberts, co-founder of Iris Energy Pty in an interview backed Bitcoin, stating that its environment and energy concerns have been validated over the past year by massive liquidity, and secured by the mining process that both produce the coins and verifies transactions.
“It plays a valuable role. I don’t think it’s up to any individual to decide where energy should be used. It’s a market-based decision where Bitcoin, by virtue of the attraction and adoption it’s gained, is commanding that level of energy to secure it, to secure people’s savings,” the co-founder of the Sydney-based company said.
“The recent news in the space and the focus on ESG continues to highlight that the business model we embarked on many years ago is likely the right one,” Roberts stated, adding that the recent renewed scrutiny Bitcoin has faced over its carbon footprint demonstrates that Iris energy has approached this industry the right way. Iris Energy Pty uses renewable energy in its operations, owns and operates real assets, including data center infrastructure.
Bitcoin’s energy-intensive mining process has been the subject of intense debates across the crypto space in recent weeks and further intensified when Elon Musk stated that, its electric automobile company, Tesla Inc (NASDAQ: TSLA) was dropping the digital coin as a payment option, citing its environmental concerns. Musk’s announcement sent the crypto market and Bitcoin into turmoil with the biggest digital coin losing almost half of its value, dropping from its record high $64,000 to lows of $30,000 within days.
According to reports, the Bitcoin network consumes approximately 115 terawatt-hours of energy every year, a figure higher than what most of the world’s countries use annually. Only 39% of the Bitcoin network runs on renewable energy, according to Cambridge University as its non-renewable carbon footprint is equivalent to almost 61 billion pounds of burned coal, 9 million homes’ average electricity consumption annually.
Iris Energy now adds to the already long list of companies that have stood by Bitcoin despite its heavy carbon footprint. Jack Dorsey’s Square, which purchased over $200 million worth of Bitcoin earlier this year, told reporters that it intends to stick with its Bitcoin investment plans. Square subsequently published a white paper arguing that Bitcoin could be the catalyst for a green financial future.
Ark Invest, a major Coinbase investor. also recently defended Bitcoin’s impact on the environment. Iris Energy has reportedly been approached by several special purpose acquisition companies about a potential US listing that could raise $300 million to $500 million.