Is Bitcoin Really That Bad For The Environment?

The New York Times has announced to its readers that a single bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough power to power an average American household for 73 days.

The claim may seem plausible to most people who view Bitcoin with deep skepticism. This coincides with the launch of a Greenpeace lobbying campaign that directly linked Bitcoin's proof-of-work mining system to climate change. At the same time, lawmakers in the European Parliament have voted to ban mining of energy-intensive forms of bitcoin.

For someone who is not familiar with the design and purpose of the Bitcoin network, it is becoming increasingly difficult to support cryptocurrency without confusing your environmental conscience. Yet Bitcoin is not a gas-ghazal illustrated by The New York Times and others.