Cathie Wood’s Ark says Bitcoin could help fight climate change

The world’s top cryptocurrency has a massive carbon footprint, but ARK Invest says Bitcoin could boost investment in renewables.

Pushing back against climate activists concerned about Bitcoin’s carbon footprint, the head of research at Cathie Wood’s ARK Invest is arguing that the world’s largest cryptocurrency, far from being a danger to the planet, will help generate more electricity from renewable energy. “Bitcoin critics often assert that bitcoin mining consumes more resources, specifically energy, than the benefits it creates,” Brett Winton, ARK Invest’s director of research, wrote in a blog post published on Wednesday. “Critics also assert that the computation required to secure Bitcoin, even if necessary, is environmentally damaging and ruining the planet. We believe that the opposite is true.” During Bitcoin production, a global, decentralised network of computers (aka mining rigs) races to verify blocks of Bitcoin transactions, with the winner receiving new Bitcoins.