Study: 55% of Brits believe banning Bitcoin will not make the planet greener

Study: 55% of Brits believe banning Bitcoin will not make the planet greener

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Answer Study: 55% of Brits believe banning Bitcoin will not make the planet greener

Far fewer people in the UK believe that banning bitcoin can be an effective measure to help tackle climate change.

A recent survey revealed that a majority of the UK population would not support their government if it cracked down on Bitcoin for environmental reasons.

It is somewhat expected that the elderly were the biggest proponents of the move to ban bitcoin.

Banning Bitcoin is not the best idea:

The first 10 months of 2021 were a turbulent period for bitcoin.

The underlying cryptocurrency reached an all-time high of about $65,000 in April, but then fell over the next few months to $29,000 in July.

Read:Investment bank “Goldman Sachs” begins offering dollar loans secured by “Bitcoin”

After institutional approval, the launch of the first Bitcoin ETF in the USA, and many other factors all pushed the price to a new high of around $67,000.

While many describe the asset as a great hedge against rising inflation and even superior to gold, the way it is mined continues to cause environmental concerns as the process uses huge amounts of electrical energy that is extracted in ways that harm the environment according to some analysts.

Bitcoin mining accounts for 0.46% of the entire world’s electricity consumption, according to some reports, which is more than the Philippines consumes annually.

However, banning Bitcoin will not make the planet greener, at least that’s what 55% of Britons think.

As in similar previous opinion polls, the survey revealed “YouGov“The percentage varies with different age groups.

For example, only 21% of those under the age of 24 would support the authorities if they implemented a complete ban on bitcoin.

Conversely, 64% of older adults – people over 65 – would answer “yes” to this idea.

Men were more inclined to oppose such a ban than females.

Read:The Japanese FTX platform will enable withdrawals before the end of 2022

It is worth noting that males are more involved in cryptocurrency than females, which may explain their position.

Bitcoin mining may be useful:

Instead of banning bitcoin mining, the Canadian town of North Vancouver, part of British Columbia, decided to use the energy that comes out of bitcoin mining to heat residential and commercial buildings.

Read:Find out the one weird thing about the recent bitcoin price hike!

The initiative will be launched in 2022 in partnership between cryptocurrency mining company MintGreen and Lonsdale Energy (LEC).

During its participation, “LEC” confirmed that “digital boilers” will prevent 20,000 tons of gases from entering the atmosphere per megawatt compared to natural gas.

If successful, North Vancouver will become the first city to use bitcoin mining in this way.

Read also:

CME Bitcoin Futures Rate Rise to 265% in October…What Does That Mean?

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