🥟 [Analysis] Why China would be right to ban crypto mining - Charlie Custer

Whether or not China bans crypto mining due to environmental concerns Charlie Custer believes proof-of-work (PoW) mining is a waste of energy. Citing data from DigiconomistCuster points out that crypto mining uses as much energy as a small developed nation, like Israel. Bitcoin ($BTC) alone uses about 45-55 TWh/yr while Ethereum ($ETH) uses 8-10. According to Custer, the CO2 emissions from mining come to the order of a few dozen megatons per year which is equivalent to 300,000 flights between LA and NYC. Even though the use of renewables, like hydro power, reduce environmental impact Custer claims that proof-of-work mining is creating a PR problem for crypto and holding the industry back. Custer's solution? Continue development on proof-of-stake coins instead of doubling down on PoW.