This week, the Amun team (Ophelia Snyder, Lanre Ige and Hansen Wang) came together to shed some new light on the old problem of Bitcoin’s energy consumption. One of the main arguments of opponents of Bitcoin's use of proof-of-work mining is the excessive amount of electricity needed to secure the Bitcoin system. However, there are arguments to suggest that Bitcoin could also give society significant benefits by helping "bank the unbanked" and give billions of people access to financial markets, which the traditional money system cannot. So does this added benefit outweigh the additional costs? Tune in to hear our views.
Reading from this week: Coinshares Research – "Bitcoin Mining Network Update"; MIT Center for Energy and Environmental Policy Research — "The Carbon Footprint of Bitcoin"; Vox — "Bitcoin is an energy hog. Where is all that electricity coming from?"
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