Bill Maher criticizes crypto mining’s environmental impact on his show “Real Time”.
Maher compares crypto mining’s energy usage to adding 15.7M gas-powered cars to the roads.
Global debate over crypto’s energy consumption intensifies with varying national responses.
In a recent episode of his show Real Time, Bill Maher didn’t shy away from taking on cryptocurrency. He raised concerns over how much electricity crypto mining is using and what that means for the environment. Maher took a dig at how the electricity consumed by crypto mining is interfering with the progress being made in green energy efforts. “All the progress that we’re making with green energy is being sucked away by crypto,” the political commentator said.
The dirty little secret about crypto that no one talks about. pic.twitter.com/8Pa8LjkR93
— Bill Maher (@billmaher) September 24, 2024
To really drive the point home, Maher made an interesting comparison. He said the energy used by crypto mining is like adding 15.7 million gas-powered cars to the roads. In a world that’s trying to move away from fossil fuels, that’s a pretty eye-opening comparison. It is a stark reminder of how difficult it is to balance technological innovation with environmental goals.
A Growing Debate
This isn’t the first time critics have raised concerns over the energy consumed by cryptocurrencies, especially Bitcoin. It is obvious that mining cryptocurrencies like Bitcoin takes a lot of electricity. For example, when demand for power spikes in Texas, the Electric Reliability Council (ERCOT) has had to ask miners to cut back. This helps prevent the power grid from being overwhelmed.
Supporters of crypto argue that mining could actually help the renewable energy sector by using surplus energy. However given the size of the energy demands it’s a controversial claim.
Maher’s skepticism toward cryptocurrency isn’t new. Last year, he humorously likened investing in real cryptocurrencies to betting on non-existent ones. It surely showed his doubts about the value and sustainability of these digital assets.
Global Reactions
Around the world, governments are taking different stances on crypto. In El Salvador, President Nayib Bukele is using volcanic energy to mine Bitcoin. He believes it will help boost the economy without increasing national debt. But other countries like Paraguay are facing energy challenges worsened by crypto mining and even considering legislative measures to temporarily ban it.
As the world continues to focus on sustainability and the environment, the debate over how much energy the crypto industry consumes is bound to get louder. While newer, less energy-hungry technologies like Proof of Stake are starting to gain traction, the balance between driving technological innovation and protecting the planet is still a difficult line to walk.
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