The resistance of bitcoin’s peer-to-peer infrastructure to such outside control is not only its entire value proposition, it’s also a premise that has largely held true.
That does not mean this environmental conversation is not worth having, of course.
Electric cars also use a lot of electricity, and they are not only considered not harmful to the environment, but even beneficial because they displace petrol-based cars.
But crypto advocates would respond that the industry’s electricity use pales in comparison to the traditional finance world, and like electric cars, it seeks to displace an industry with a bigger carbon footprint.
Maybe you don’t buy any of that.
This is not an argument against gaming.
Of course, one might say that the entire point of ESG is to be subjective – to invest in ways that align with one’s individual values.
Anyone who values a low-carbon future is surely concerned about the environmental impact of the oil industry.
Natural gas is a byproduct of oil drilling, and companies often simply burn that gas because, in the middle of nowhere, it’s too costly do much else with it – resulting in carbon emissions.
But the idea of the low-carbon future is a transition, not a switch that can be arbitrarily flicked off.
Ultimately, that is how investors with a mind on ESG should be looking at the crypto.