Shark Tank’s Kevin O’Leary says ‘Bitcoin mining is going to save the world’

cnbctv18.com:

Shark Tank star and Canadian millionaire Kevin O’Leary said that Bitcoin mining could save the world during the ongoing Bitcoin Conference held in Miami.O’Leary, who has always been bullish on Bitcoin, expressed how the adoption of green energy by mining companies could reduce fossil fuel usage and trigger a wider acceptance of sustainable energy. “The next generation of Bitcoin miners and software represented right here are starting to work with energy that does not require carbon,” O’Leary said in the Bitcoin panel.Bitcoin mining has been criticized for its energy use by lawmakers and environmentalists worldwide.

The EU recently debated banning Bitcoin due to its exuberant energy consumption, derived mostly from fossil fuels.The main issue with Bitcoin is its consensus mechanism, a process necessary for verifying transactions and adding them to the blockchain. Bitcoin uses the proof-of-work consensus mechanism, which requires miners to expend elevated levels of energy to verify transactions.Also Read:Bitcoin Pizza Day and the astounding story behind itAs this issue grew bigger, Bitcoin mining companies were compelled to move to sustainable energy sources.

Not doing so would invite further scrutiny from lawmakers who could even force operations to shut down. And according to O’Leary, this need to find the best source of green energy will spur innovation and sustainable energy development.Mining companies’ previous efforts to reduce carbonBefore mining companies took to sustainable energy sources, they reduced their impact on the environment through carbon offsetting programs.These programs reduce or remove carbon dioxide emissions or other greenhouse gases to compensate for emissions produced elsewhere.