ARK believes Bitcoin mining can be good for the planet

Earth Day

Happy Earth Day! Bitcoin is often decried as an energy hog, what with the world’s biggest cryptocurrency requiring a colossal amount of power to mine, most of it being coal from China.

However, there’s a positive side to it, too.

Which is what ARK Investment Management is alluding to. The fund manager headed by Cathie Wood says that Bitcoin mining can actually be good for the planet as it can drive investment in solar power and make more renewable energy available to the grid.

This post from research director Brett Winton coauthors Yassine Elmandjra and Sam Korus states:

“A world with bitcoin is a world that, at equilibrium, generates more electricity from renewable carbon-free sources.”

That’s one way to look at it!

And while this is a view that may not be widely accepted by other researchers who are wary of the environmental impact of the digital currency, ARK obviously has a clear profit motive in promoting green credentials of crypto. It has investments in everything from Bitcoin itself to companies like Coinbase.

Wood has also said in a panel discussion that the market value of Bitcoin could go much higher than $1 trillion, a milestone it recently reached.

Nevertheless, it is also true that Bitcoin’s power consumption has jumped 66-fold since 2015, and there are voices that have expressed fears that its value could erode over time due to these environmental worries.

Bitcoin has slumped since touching an all-time high of almost $65,000 ahead of the Coinbase listing, and was last seen trading $54,451.

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