Intel CEO accuses Bitcoin of causing climate crisis. Crypto miners may be guilty, according to Intel CEO.
The electricity consumed by cryptocurrency miners and the energy loss they create have been widely criticized by technology companies. A harsh statement on the subject came from Intel CEO Pat Gelsinger.
According to The Register, the Intel CEO was enraged by Bitcoin and its miners, saying that cryptocurrency mining is a gigantic power-consuming beast. The CEO even interpreted this energy consumption in Bitcoin mining as a “climate crisis”.
What did the CEO of Intel say about Bitcoin mining?
It looks like the Intel CEO will piss off cryptocurrency miners with his words in a recent Bloomberg interview. According to the CEO, a single Bitcoin ledger entry (confirmation of the mined Bitcoin by writing to the blockchain, which is the transaction ledger) has the potential to consume as much power as a standard household needs daily.
“A single ledger entry in Bitcoin consumes nearly enough energy to power your home for a day. This is a climate crisis. This is not true."
While the Intel executive isn’t a fan of Bitcoin mining or other cryptocurrency mining operations in general, he says Intel hasn’t given up on crypto mining entirely. In the same interview, he mentioned that the company is producing a “much better” blockchain chip that is ready to deal with the nature of crypto mining.
The Intel CEO discussed the Bonanza Mine blockchain chip, which he claims is a more efficient version of the ASIC miner. According to TheBlockCrypto, the chip has a computing power of about 40 terahash per second (TH/s).
Compared to other ASIC mining hardware on the market, this one lags significantly behind. Other more popular mainstream hardware can go as high as 95 to 112 TH/s, but Intel says the Bonanza Mine has the power efficiency advantage.
Gelsinger’s harsh claims that Bitcoin is a climate crisis are not entirely wrong. It is an already known fact that mining Bitcoin or other cryptocurrencies consumes large amounts of power. Crypto mining is not in a position to be appreciated right now given that governments are making new plans to limit their carbon footprints.
Recent decisions to cryptocurrency mining include restriction of mining and mining equipment in many major countries around the world (like China and partially Kazakhstan).