High Energy Consumption

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environmental

Criticism: Bitcoin mining consumes vast amounts of energy, contributing to environmental degradation and climate change.

Counterarguments:

Shift Toward Renewables: Many Bitcoin miners are shifting toward renewable energy sources or situating themselves near excess power supplies to reduce costs.

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Efficient Mining Practices: Technological advancements in mining hardware improve energy efficiency, reducing the power required per transaction.

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Bitcoin as Energy Demand Balancer: Bitcoin mining can stabilize grids by consuming excess energy during low-demand periods and shutting off during high-demand peaks.

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