Is Bitcoin a Climate Crisis?

Intel ($INTC@US) CEO, Patrick Gelsinger, has made his opinion on Bitcoin known, pointing out that the apex cryptocurrency is bad for the environment. In a chat with Bloomberg, Gelsinger said, “A single ledger entry in Bitcoin consumes enough energy to power your house for almost a day. That’s a climate crisis.” Gelsinger noted, however, that the technology behind Bitcoin mining is good even if it’s vastly inefficient. “So, we’re helping to solve the climate issue in that way. We want to work with the industry to find ways that technologies like blockchain can be properly regulated and managed as well so that they truly can be fully realized.” Intel came into the spotlight recently after Block Inc ($SQ@US) became the first customer for the new Intel Bitcoin Mining Chip. Other customers include Arbo Blockchain and Griid Infrastructure. At press time, Intel stock was trading at just over $47, down nearly 3% in early trading.