The Truth about Bitcoin's Energy Use
Provided by: Grist|Published on: April 27, 2021
Grades: 6, 7, 8, 9, 10, 11, 12
Type: Videos
Subjects: Economics, Civics
Authors: Grist
Region: North America, USA - Northeast, United States, Global
Languages: English
This resource has been reviewed by SubjectToClimate's climate scientists and verified for scientific accuracy and up-to-date information. Learn about our review process →
This resource has been reviewed by SubjectToClimate's climate scientists and verified for scientific accuracy and up-to-date information. Learn about our review process →
Synopsis
- This video from Grist explains bitcoin, blockchains, and the energy use involved in cryptocurrency transactions.
- Students will learn how decentralized transactions work, how bitcoins get mined, the electricity used in these processes, possible solutions, and the counterarguments bitcoin supporters might have.
Teaching Materials
Positives
- It uses visuals and simple vocabulary to explain what might otherwise be a confusing subject matter.
- It demonstrates a conversation for and against bitcoin's energy consumption using different perspectives and counterarguments.
Prerequisites
- Students should have a basic understanding of supply and demand.
- Students should understand why diverging from fossil fuel energy consumption is more sustainable.
- There is a pop-up ad during the video.
Differentiation & Implementation
- Economics classes can analyze the conversation about bitcoin possibly accelerating the transition to more renewable energy sources, and then determine the validity of that perspective.
- Students can research and compare bitcoin's electricity use to other major consumers or sectors.
- The description links to their sources for further context.
- Other resources related to this topic include Bitcoin Consumes 'More Electricity Than Argentina' and The True Cost of Cryptocurrency.
Cryptocurrency generation requires an extreme amount of electricity. While some estimates claim that nearly 40% of that energy comes from renewable sources, the majority is still generated with fossil fuels. This resource offers an explanation and their sources for easy access. This resource is recommended for teaching.
Teaching Tips
Standards
Resource Type and Format
Scientist Reviewed
This resource has been reviewed by SubjectToClimate's climate scientists and verified for scientific accuracy and up-to-date information. Our review process ensures that every resource in our library reflects the current state of climate science.
Learn about our review process →
