Bill Gates Says Bitcoin Uses Too Much Electricity

Entrepreneur Bill Gates claims that digital currencies use more energy than any other method known to man.

Microsoft Corporation (NASDAQ: MSFT) founder Bill Gates is concerned about Bitcoin’s impact on climate change.

What happened: “Bitcoin

It uses more electricity per transaction than any other method known to man,”Gates told CNBC’s Andrew Sorkin during a club meeting live on Wednesday.

Cambridge researchers found that by consuming more than 121.36 terawatt-hours (TWh) per year, BTC uses more electricity than the whole of Argentina.

In fact, some critics argue that after automaker Tesla Inc invested $1.5 billion in Bitcoin
You may be unknowingly destroying the image of your environment.

Why it matters: Gates continues his argument by saying that there is a more efficient way to create a digital currency that doesn’t require such high power usage. The entrepreneur appeared to suggest that his foundation may be developing a digital currency.

“Our foundation is involved in other methods of making digital currencies that are made in local currencies,” he said.

“Transactions are not secret, they are reversible. It can’t be used for ransom etc., but transaction fees are so low that they empower the poorest.”

More details on what happened: While the energy requirements needed to mine and produce Bitcoin are still quite high, crypto analytics firm Arcane Research notes that only 2.3% of cryptocurrency emissions can be attributed to BTC digital technology.

Entrepreneur Bill Gates claims that digital currencies use more energy than any other method known to man.