Cathie Wood & ARK debunk the myth that bitcoin mining damages the environment

Market participants have long criticized bitcoin mining for being taxing on energy requirements. Cathie Wood and her team at ARK Invest put out a recent research report discussing how this can possibly be debunked.The report, which was put together by ARK’s Director of Research Brett Winton, along with two analysts Yassine Elmandra, and Sam Kous, states: “Bitcoin critics often assert that bitcoin mining consumes more resources, specifically energy, than the benefits it creates.” “Critics also assert that the computation required to secure bitcoin, even if necessary, is environmentally damaging and ruining the planet.”The report continues with: “We believe that the opposite is true: a world with bitcoin is a world that, at equilibrium, generates more electricity from renewable carbon-free sources.”Cathie Wood followed up on the research report sending out a Twitter response, standing by the recent information put out by the ARK Invest team. In her post, Wood said, “as crypto mining, energy storage, and