When asked about the drawbacks of using electricity derived from oil and gas to mine Bitcoin, Csepcsar says there is more than meets the eye: 'We're literally burning the gas into the atmosphere just because it's not economical to do anything with it.

Last year, Tesla CEO Elon Musk brought forth a sharp correction in the cryptocurrency market by tweeting that Tesla would abandon plans to accept BTC, citing 'rapidly increasing use of fossil fuels for Bitcoin mining and transactions.' However, a recent report published by CoinShares notes that despite the widespread use of coal, oil and gas for Bitcoin mining, the network accounts for less than 0.08% of the world's CO2 production.ĭuring an exclusive interview with Cointelegraph, Kristian Csepcsar, chief marketing officer at Slush Pool, the oldest Bitcoin mining pool, gave insight on what he believes are current misconceptions regarding Bitcoin mining's environmental impact. It's a controversial topic in the blockchain community that comes up from time to time - just how much impact Bitcoin ( BTC) mining has on the environment.

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