Busting the Myths about Bitcoin’s Carbon Footprint

Elon Musk recently tweeted that Tesla would stop accepting Bitcoin for any purchases. The narrative that Bitcoin wastes a tremendous amount of energy immediately became a popular headline. However, the narrative is not grounded in reality and, in some way, deeply misinformed. The world generates 25,000 terawatt-hours (TWh) of electricity a year, 5,000 TWh is wasted. The Bitcoin network consumes about 150 TWh, but that’s only 0.6% of the power produced globally in a year.