Activists across the globe have time and again called out Bitcoin [BTC] for the hazards it has on the environment. In order to combat the damages of Bitcoin mining, platforms were seen implementing greener ways of mining the cryptocurrency. Shark Tank’s Kevin O’Leary went on to express concerns over the possible downfall of the industry.
2021 witnessed the arrival of an array of people into the industry. With several embracing Bitcoin, O’Leary also jumped onto the BTC bandwagon. Now, the Shark was calling out BTC mining firms that do not pay heed to the environmental perils that they cause.
In a recent interview, O’Leary pointed out that people were so focused on the price of Bitcoin that they were turning a blind eye towards the actual issues. He further urged the community to wage a war against miners that employed carbon credits to cover up what they actually did. This would further dement the chances of securing finances, he added.
Suggesting that carbon credits were nothing but a scam, he said,
“Writing is on the wall for public $BTC mining companies that think they can fool investors by buying carbon credits to cover up their dirty, carbon-belching ways. They will never survive a carbon audit. Government policy is starting to shut them down all around the world. They give a bad name to those of us who are mining #bitcoin sustainably using #wind #solar and #Hydro power.”
Regulators from across the globe have been heavily scrutinizing the crypto industry. The loophole that they discovered in the Bitcoin mining industry has already been taking a toll on the industry.
O’Leary believes the dismissal of “dirty miners” was the only way to keep the industry from getting “regulated out of existence.”
Previously, the Shark announced his interest in Bitcoin and the mining industry and tweeted,
Bitcoin’s big recovery
BTC’s major fall below the $40k zone caused a lot of angst in the industry. However, a major carnage later, Bitcoin navigated its way back onto the top.
At press time, BTC was trading for $42,603 with a 2.59% surge over the last 24-hours. During the weekend, BTC amassed a significant boost of 14%. The market cap of the king coin followed suit as it finally grew beyond $800 billion.
Additionally, the world’s largest coin went on to flip social media giant Meta in market cap.