Saturday, December 4

Colombia: Gustavo Petro says cryptocurrencies suck the world’s energy

Key facts:
  • Cryptocurrencies are more harmful to the environment than banknote printing, Petro believes.

  • The Colombian presidential candidate explained that bitcoin needs 2 years of energy consumption.

Gustavo Petro, the senator who is Colombia’s presidential candidate, spoke on Blu 4.0 radio about cryptocurrencies and their impact on the environment worldwide. The program, which was directed by Juan Manuel Ramírez on November 23 at night, had almost 90,000 views in its live broadcast on Facebook.

Under the theme of proposals on the digital economy in presidential electoral contests, Gustavo Petro gave his opinion on bitcoin and the cryptocurrency ecosystem. The senator begins by saying: “This is not going to solve it, but that this is pressure from a new form of industrialization.”

“Paper money is replaced by virtual currency,” says Gustavo Petro on the radio program. However, it warns that there are no forests at risk from banknote printing to require replacement. Instead, making a comparison, he highlights that cryptocurrencies do affect the environment.

Gustavo Petro is concerned about the energy consumption of bitcoin mining

Although studies, such as that of Lyn Alden or that of CoinShare Research, have published that bitcoin mining uses less than 0.1% of global energy and 77% is renewable, Gustavo Petro said that this activity makes a excessive use of this service. It says “cryptocurrencies are sucking the energy out of the world.”

Petro says an acquaintance told him that in the United States it takes two years of energy consumption to make a bitcoin and he adds that it is more expensive for a miner than cryptocurrency. Although, if that were the case, the bitcoin mining companies would not make a profit, which later contradictorily mentions that they make money.

Currently the United States is the country with the highest concentration of bitcoin mining in the world. This is, in large part, because it is one of the nations with the lowest electricity taxes in the world. Recently, Texas Senator Ted Cruz said that bitcoin mining avoids the waste of energy resources.

Two of the companies based in the US state of Texas, Riot and Marathon, mine around 400 bitcoins a month. This equates to around $ 22 million each, according to the CryptoNews calculator.

Gustavo Petro spoke about cryptocurrencies in dialogue with Juan Manuel Ramírez on Blu 4.0 radio. Source: @ElRoRodry /

Given the opinion of the presidential candidate, Juan Manuel Ramírez, the host of the radio program, asked him if cryptocurrencies are not an opportunity for Colombia then. To this, Gustavo Petro replied that they could work if they find a renewable energy source and gave the geothermal power used by El Salvador as an example.

On another occasion, CriptoNoticias had already reported that the candidate had spoken about this. Precisely Gustavo Petro proposed to take advantage of the tributaries of the rivers of Colombia to generate clean energy and promote bitcoin mining. He said that this could prevent the channels from being used for the cocaine market.

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