As a crypto investor with a background in environmental science, I find Robert Friedland’s perspective on Bitcoin mining and the internet’s energy consumption both intriguing and concerning. While it is true that Bitcoin mining requires significant amounts of energy, it is important to note that the industry is constantly evolving, and there are ongoing efforts to make mining more energy-efficient.
At the Qatar Economic Forum, Robert Friedland, a finance magnate with American-Canadian citizenship, strongly criticized Bitcoin mining, labeling it an “obscene misuse of energy.”
“Huge amounts of energy being sort of used up for nothing,” Friedland said.
Based on current figures, Bitcoin’s energy usage surpasses that of the entire utility consumption in the state of Utah, or approximately 2% of the total electricity consumption within the United States.
Many individuals hold the misconception that the internet is an eco-friendly entity. In actuality, there’s absolutely nothing green about the internet.
During a Google search, you consume roughly the equivalent of the electrical energy used by running a 100-watt bulb for 10 seconds. In contrast, performing an AI search can consume up to 30 to 35 times more energy, which equates to running that same bulb for several minutes up to over ten minutes.
As an analyst, I would express it this way: Based on current trends, I believe the increasing adoption of artificial intelligence (AI) could lead to a significant surge in energy demand. This growth may be exponential, much like the concept of infinity.
Some industry experts, such as Marathon Digital’s CEO Fred Thiel, hold the view that artificial intelligence (AI) and cryptocurrency mining will be rival consumers of power in the future. In fact, some miners have shifted their focus towards AI to expand their business portfolios.
Friedland made a criticism towards the gold mining sector for their excessive use of electricity. In simpler terms, his opinion was that if all gold mines were to shut down at once, humanity would not experience significant negative consequences.
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2024-05-16 18:47