According to U.Today, American-Canadian financier Robert Friedland criticized Bitcoin mining for its high energy consumption during his speech at the Qatar Economic Forum. He referred to the process as an 'energy obscenity', stating that huge amounts of energy are being used up for nothing. Recent data indicates that Bitcoin's energy consumption surpasses that of the entire state of Utah, accounting for approximately 2% of U.S. electricity consumption.
Friedland also debunked the common perception that the internet is environmentally friendly. He explained that a simple Google search uses a quantum of electrical energy equivalent to running a 100-watt light bulb for 10 seconds. An AI search, on the other hand, uses up to 30 to 35 times more energy, enough to power the same light bulb for several minutes.
The financier predicted that the growing popularity of artificial intelligence will cause energy demand to rise indefinitely. He suggested that AI will have to compete with cryptocurrency mining for power, a sentiment echoed by industry leaders such as Marathon Digital CEO Fred Thiel. Some miners have even diversified their business models by pivoting to AI.
In addition to his critique of Bitcoin, Friedland also criticized the gold mining industry for its excessive electricity usage. He expressed the view that the closure of most of the world's gold mines would not materially impact humanity.