Australian Company Backs Bitcoin to Overcome Environmental Concerns

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Bitcoin has been touted to ride out the current wave of “environmentally unfriendly” allegations that have been levelled against it in recent weeks, as the leading cryptocurrency fights to recover lost ground.

Bitcoin is Too Vital to be Dismissed

Iris Energy Pty, an Australian Bitcoin mining company based in Sydney, has described the challenges facing the top currency as a blip that will pass.  Daniel Roberts, co-founder of Iris Energy, believes the leading cryptocurrency plays too much of a significant role to be outdone by the recent wave of concerns.

Till now, major contributors to the world’s carbon emission are tolerated because of the value they are believed to provide. Roberts thinks Bitcoin is valuable enough to fall in this category as well. Human activities like transportation and electricity consumption are considered necessities (despite their high carbon footprints), and the same should be considered in Bitcoin’s case.

“I don’t think it’s up to any individual to decide where energy should be used,” Daniel told Bloomberg.  “It’s a market-based decision where Bitcoin, by virtue of the attraction and adoption it’s gained, is commanding that level of energy to secure it, to secure people’s savings.” 

It is interesting that the once discarded argument of bitcoin being “speculative and without worth” is only just beginning to resurface, especially after it seemed 2021’s emphatic start had finally put it to rest. 

2021 started quite well for the crypto market in general, with NFTs and meme coins getting early traction, and finding themselves in mainstream media. Hype about Bitcoin and other crypto tokens reached its peak after Elon Musk, founder of Tesla Inc, announced that the multibillion dollar company would be accepting bitcoin payments in purchase of its vehicles. Barely three months after its highly celebrated acceptance, Elon Musk revealed Tesla would be rescinding its decision, citing “environmental concerns.”

Since Tesla’s reversal, Bitcoin has lost more than half of the lofty ATH it set in April. The discussion has shifted likewise, suddenly and almost violently, from Bitcoin’s fast rising mainstream acceptance, to its viability as a valid future currency.

Coins in the Green

Despite Musk’s insistence on Tesla holding large positions of Bitcoin, Bitcoin has continued to plummet, and the conversations on the cryptocurrency’s energy consumption are not going away.

Once touted as the currency of the future, Bitcoin might be slowly losing its claim to this title as attention threatens to shift to greener coins. Since the Bitcoin-inspired dip, coins perceived to be green have interestingly fared better compared to the general market.  

Daniel Roberts is only a voice in the hordes of voices backing Bitcoin to overcome its new hurdle. The leading cryptocurrency might be struggling at present, and fighting a battle that has been deemed “political” by some; what is certain, according to Roberts and Bitcoin enthusiast’s, is Bitcoin’s future recovery.