Three reasons why this crypto veteran believes Bitcoin (BTC) is environmentally friendly

<p>Here are five ways Bitcoin could be a force for good in the fight against climate change...</p> <p>Bitcoin (BTC), the world's first cryptocurrency, may actually be a force for good in resolving climate change. At least, that is the case being made by an industry veteran.</p> <p>Bitcoin has developed a bad reputation in recent years due to its high energy consumption. The majority of us have seen headlines comparing Bitcoin's network energy consumption to that of entire countries. The depressing comparisons have enraged a number of climate activists at a time when emission reductions are critical.</p> <p>However, crypto veteran and founder of crypto research firm Messari, Ryan Selkis, takes a diametrically opposed position.</p> <p>Calculating the numbers</p> <p>Selkis discusses how Bitcoin has become a focal point of political and climate debate in his annual Crypto Theses for 2022 report. The level of anti-crypto sentiment generated by perceived environmental costs was "as if Bitcoin were a genuine toxin," as Selkis put it.</p> <p>By contrast, the long-time cryptocurrency investor outlined several reasons why Bitcoin is critical to our transition to a clean energy future. These include the following:</p> <p>* The environmental impact of Bitcoin should be proportional to its economic impact.</p> <p>* Bitcoin is an energy recycler.</p> <p>* Stimulus for green energy.</p> <p>The first section discusses the elephant in the room: the amount of energy that Bitcoin may consume as it scales. The Proof of Work (PoW) consensus model of the cryptocurrency necessitates the expenditure of energy during the consensus process.</p> <p>As Selkis points out, if Bitcoin grows to a $20 trillion asset, it could consume up to 1% of the world's energy. While this may appear diabolical, the opportunity is for crypto to automate the global financial services industry, which accounts for 3% of global emissions according to Selkis.</p> <p>Recycling champions</p> <p>Another way in which it could be considered environmentally