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Morgan Stanley: Bitcoin Cannot Escape Energy Requirements

By WebsCryptoFebruary 23, 20221 Min Read
Morgan Stanley: Bitcoin Cannot Escape Energy Requirements
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In a report titled “ESG Considerations,” Morgan Stanley said increased investor interest means sustainability has become an important consideration for cryptocurrencies. Cryptocurrency mining can be highly energy-intensive, and Bitcoin mining alone requires the equivalent of one year’s total electricity generation in the Netherlands or 0.5% of total global electricity consumption.

The bank noted that publicly-listed bitcoin mining companies have started to push the SDGs, with many buying carbon credits to offset their impact, or aiming to use cleaner forms of energy. Bitcoin and Ethereum transact in an energy-intensive way known as PoW.

Proof-of-stake (PoS) is a more energy-efficient alternative to PoW that reduces climate impact, the bank said. Morgan Stanley also believes that the risk of government restrictions on energy use for cryptocurrency mining remains, noting that as energy costs have risen, some countries have banned mining while others have restricted mining activities.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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