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The Fake Environmentalist Attack on Bitcoin [Video]

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The Fake Environmentalist Attack on Bitcoin

By now, you’ve probably heard the environmentalist knock on bitcoin, including apocalyptic claims that it will use up all of the world’s energy and will single-handedly increase global temperatures until the planet is uninhabitable.
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“Cryptocurrencies like bitcoin are terrible for the environment,” declares Sen. Elizabeth Warren (D-Mass.). “It’s an extremely inefficient way of conducting transactions,” pronounces former Federal Reserve Chair and current Treasury Secretary Janet Yellen. “It’s a way to both hide dirty money and destroy the environment at the same time,” says Daily Show host Trevor Noah.

Such environmentalist attacks on bitcoin are best understood as a strategy by economic, media, and political elites to undermine a powerful new form of money that they can’t control. Critics distort the basic facts about what’s known as bitcoin “mining,” the process through which a global network of computers maintain the bitcoin network through computation. Though energy intensive, this process is what makes bitcoin a truly decentralized monetary system. 

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Music credits: Vuelta al Sol, by Tomas Novoa via Artlist.io; “Lyke the Robot,” by Out of Flux via Artlist.io

Footage Credit: Jim Epstein and Noor Greene

Produced by Regan Taylor; graphics by Isaac Reese; audio post-production by Ian Keyser