LettersAs Hong Kong embraces Web3, let’s pay attention to bitcoin’s sustainability
Readers discuss how to turn bitcoin mining into a green industry, the baby-unfriendly environment in Hong Kong, and the eco-friendliness of designated garbage bagsDigital currenciesLettersPublished: 11:30am, 29 Aug, 2023Why you can trust SCMP
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During the 2008 financial crisis, bitcoin emerged, offering a decentralised alternative to traditional financial systems. Bitcoin’s algorithm-driven trust mechanism has fostered an ecosystem that integrates bitcoin generation, distribution and trading.
However, bitcoin mining has been criticised for its high energy consumption, posing significant environmental, social and governance (ESG) challenges. As of August, bitcoin’s energy consumption per year was around 141.75 terawatt-hours, equivalent to over 40 per cent of the United Kingdom’s annual electricity demand (around 321TWh) last year.
Therefore, the question arises: can bitcoin mining contribute to a sustainable world? We believe that it can, by becoming a green industry through three key methods.