As an experienced crypto investor and environmentalist, I find myself at the intersection of two worlds that are often at odds: finance and sustainability. Bill Maher’s recent comments on cryptocurrency mining resonate with my concerns about the industry’s energy consumption, especially given my background in promoting green initiatives.
In his most recent show, popular U.S. talk show host Bill Maher criticized what he sees as the unnecessary expenditure associated with cryptocurrency mining on “Real Time with Bill Maher.
“There’s the other big secret about crypto that nobody talks about…All the progress that we’re making with green energy is being sucked away by crypto,” he said.
Maher has noted that crypto uses 8% of total electricity. “Their data centers, their mining, this nonsense of finding a number. I can’t even go through the whole thing,” he stressed.
The US comedian has recalled that the impact of cryptocurrency mining is comparable to putting 15.7 million gas-powered cars on the road. “So, as we take them off to go to electric, crypto eats it all up, and it goes the other way,” Maher added.
Critics, particularly environmental advocates, have frequently raised concerns about Bitcoin‘s high energy consumption, as the energy required for mining operations often surpasses the electricity usage of many nations.
Last month, a new round of criticism towards the mining industry arose when it was discovered that the Electric Reliability Council of Texas (ERCOT) had been paying local miners to scale back their operations. In essence, these companies were being compensated for easing strain on Texas’s power grid by reducing their workload.
However, Bitcoin proponents argue that Bitcoin mining can be actually great for boosting renewable energy. Mining farms now predominantly rely on green power, setting new sustainability milestones.
Still, these arguments are unlikely to sway the general public, which sees cryptocurrency mining as harmful.
Regarding Maher, it’s no surprise that he’s expressed his dislike for cryptocurrencies before. Back in 2022, he made a jest about investors who bought genuine crypto being less fortunate than those who ended up with counterfeit tokens.
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2024-09-24 23:27