Study Finds That Banks Pollute More Than Crypto Mining
The concerns about the environmental damage caused by Bitcoin mining are real and justified. Even Elon Musk, the biggest influencer on tech innovation, rejected Bitcoin due to its big energy waste. However, a good old banking industry isn’t any better for the environment; in fact, it may be even worse in certain aspects.
A study conducted back in 2019 by WWF and Greenpeace revealed that British banks emit 800 millions tons of CO2 waste. The UK was estimated to emit 455 millions metric tons in general, being the leader of the waste production together with the USA and China. In addition, such institutions as JPMorgan, Citi, Wells Fargo and the Bank of America became the leaders on investing in fossil fuels, and the numbers keep growing.
Compared to Bitcoin mining, whose emission of CO2 was estimated at around 50 million metric tons per year, the banking industry obviously beats cryptocurrencies. The green mining of Bitcoin is an option for the next few years, and the industry already seeks the technologies and sources to make crypto mining friendlier for the environment.