- Lyn Alden proves WEF’s 2017 depiction to be wrong.
- BTC power consumption is actually getting greener.
- A BTC transfer costs approximately $176.
As everyone knows, and this being one of the major reasons why environmentalists are against cryptocurrency, is its power consumption. Ture to the fact, the worst of all the cryptos, is obviously the king, the Bitcoin (BTC). BTC consumes the most electricity power than any other crypto. This one fatal reason alone has led to the ban of crypto mining in many countries, specifically BTC mining. On the other hand, there are even countries that allow altcoin mining, but not BTC.
All this indeed makes the BTC a big bad boy. However, the times are slowly changing and the mining industry is slowly starting to make a change.
Lyn Alden’s Support for BTC’s Power Consumption
The founder of Lyn Alden Investment Strategy, Lyn Alden is an enthusiastic investor and market analyst vividly upon cryptos. Apart from a sprouting Financial investment advisory and strategist, Alden is an extreme bitcoinist. Indeed, she’s into BTC research profusely and has put forth many ideologies in and around BTC. Being an avid backer up for BTC, Lyn Alden takes to Twitter, with a tweet depicting how even the World Economic Forum (WEF) is wrong.
Fact check: Bitcoin consumes a small fraction of 1% of global power today compared to the WEF’s 2017 statement that it would consume all of it by now.
A lot of these estimates and articles unfortunately come from folks who don’t understand how Bitcoin works. https://t.co/bqUmTiJZGo
— Lyn Alden (@LynAldenContact) January 19, 2022
Accordingly, in 2017, the WEF has stated officially that the BTC will be consuming more power in 2020 than the entire world power consumption at present.
On the contrary, Alden mocks the WEF’s statement evidently. In addition, Alden acknowledges that the BTC at present in 2022, consumes only less than 1% of the overall electrical power being produced globally.
Apart from this, Alden ends the tweet sarcastically terming that such wrong depictions are usually from people who don’t understand what the BTC actually is! On the other hand, it’s quite true that BTC mining takes about 1,173KWh for mining one BTC. In other words, mining of one BTC takes about the equivalent power consumption of a typical U.S family for about 6 weeks straight. Also, it’s evident that a single BTC transaction takes up to electricity worth $176 in the U.S.