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Social cost and benefit Our approximation of Bitcoin’s carbon footprint underlines the need to tackle the environmental externalities that result from cryptocurrencies,31 and highlights the necessity of cost/benefit trade- offs for blockchain applications in general. We do not question the efficiency gains that blockchain technology could, in certain cases, provide. However, the current debate is focused on anticipated benefits, and more attention needs to be given to costs. For cryptocurrencies with proof-of-work protocols, policy-makers should not ignore the following aspects: Carbon. As global electricity prices do not reflect the future damage caused by today’s emissions, economic theory calls for government intervention to correct this market failure in order to enhance social welfare. The issue of the social cost of carbon is of course not specific to cryptocurrency. Nonetheless, regulating this gambling-driven source of carbon emissions appears to be a simple means to decarbonize the economy.32 Concentration. The case of Bitcoin shows that the risk of concentration must not be ignored. Irrespective of the decentralized nature of Bitcoin’s blockchain, the four largest Chinese pools now provide more than 50% of the total hash rate, and Bitmain operates three of these four pools. If one player controls the majority of computing power, it could start reversing new transactions, double- spend coins, and systematically destroy trust in the cryptocurrency. Control. With his idea, Satoshi intended for Bitcoin to increase privacy and reduce dependency on trusted third parties.2 However, protecting individuals from themselves and others from their actions might justify the downsides of central control, as the potential benefit of anonymity spurs illegal conduct such as buying drugs, weapons, or child pornography. Therefore, a use-case specific degree of central governance is essential. Today, most intermediate parties serve useful functions, and a decentralized socio-economic construct like blockchain should only replace them if it can ensure the same functionality. 11PDF Image | The Carbon Footprint of Bitcoin
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