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International Monetary Fund. Communications Department

would a poor community with modest electricity needs make up the shortfall? The answer lies in Bitcoin, which may seem counterintuitive to anyone who has joined recent crusades to ban “wasteful” proof-of-work mining in New York and elsewhere. Unlike other users of energy, Bitcoin mining is geography-agnostic. Miners will operate anywhere. They will happily absorb any community’s excess or otherwise wasted energy, so long as it is priced low enough to keep them profitable and competitive. If we can’t regulate Bitcoin out of existence, then the objective should be

International Monetary Fund

TESLA CEO ELON MUSK reignited a long-simmering debate in June over Bitcoin’s energy consumption. Tesla will accept the cryptocurrency for car sales only “when there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend,” Musk said in a tweet. Bitcoin mining—the process of creating new bitcoins and updating the digital ledger that tracks transactions—consumes vast amounts of computing power and electricity. To earn bitcoins, miners solve increasingly difficult puzzles. The faster and more efficiently they do so