Bitcoin Mining Explained: Busting the Energy Consumption Myth

If you have been following crypto in any way over the last years, there is a high likelihood that you have seen worrying headlines such as these:

• Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Afric
• Bitcoin Mining Now Consumes 1% of the World’s Electricity
• Bitcoin Predicted To Be The Nail In The Coffin Of Climate Change

We have invited Christopher Bendiksen, Head of Research at Coinshares, to address some of these widely held misconceptions. Chris will provide a quick refresher on Bitcoin mining, show that the Bitcoin network consumes much less power than many claims and that Bitcoin is in fact ‘cleaner’ than almost every other industry due to a 78% renewables penetration in tit's mining energy mix. 

Christopher Bendiksen is the Head of Research at CoinShares, Europe’s largest digital asset manager and issuer of the pioneering XBT Provider ETN’s tracking Bitcoin and Ether on Nasdaq Nordic. At CoinShares, Christopher runs the research desk with a main focus on the full technology stack of the two underlying assets of the CoinShares product suite, Bitcoin and Ethereum. Among other outputs, CoinShares Research publishes bi-annual Bitcoin Mining Reports covering the economics, dynamics, energy demands and sources of the Bitcoin mining network.  Mr. Bendiksen holds a BA in Biochemistry from University of Tampa and an MSc in Biophysics from Universitat de Barcelona.

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Co-hosted with: Energy & Environment Club

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