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Bitcoin's energy use is 'staggering' and a worry for big investors, Kleinwort investment chief says

Added 02-27-21 07:14:02am EST - “Bitcoin uses more electricity each year than Argentina and Ukraine due to energy-intensive mining, Cambridge University has found.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Bitcoin's energy use is 'staggering' and a worry for big investors, Kleinwort investment chief says”. Below is an excerpt from the article.

The energy use of bitcoin is a key factor that makes the cryptocurrency unattractive to institutional investors, the chief investment officer of Société Générale's UK private bank has said.

"We are very alarmed, I'm sure as others are, by the environmental aspects of bitcoin," Fahad Kamal, the investment boss at SocGen's Kleinwort Hambros bank, told Insider. He said the energy it used was "staggering."

Estimates from the University of Cambridge suggest that bitcoin uses more electricity each year than Argentina and Ukraine, due to the energy-intensive mining process.

As the price of bitcoin has soared in recent months, a number of investors have raised questions over bitcoin's energy consumption. Yet others argue that bitcoin increasingly uses renewable energy - and will do so more in the future.

Bill Gates told CNBC's Andrew Sorkin in a live-streamed Clubhouse session last week that the currency "uses more electricity per transaction than any other method known to mankind."

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