The staggering environmental cost of blockchain

Over the last couple of years an argument has ensued regarding the amount of electricity that the Bitcoin network consumes to produce (mine) a coin and ensure the security of its network. Though the electricity itself may be inexpensive in some countries, the environmental cost to produce that needed electricity is building towards insurmountable proportions. In recent testimony before the United States Senate Committee on Energy and Natural Resources, Arvind Narayanan stated that assuming “all [Bitcoin] miners use the most energy efficient mining device available on the market” the total energy required by the Bitcoin network is “is slightly under 1% of world electricity consumption.” The key to this figure…