Is Bitcoin A 'Climate Crisis'? Here's What Intel's CEO Says

Intel Corporation INTC CEO Patrick Gelsinger took aim at Bitcoin’s BTC/USD detrimental impact on the environment.

What Happened: In an interview with Bloomberg, Gelsinger reiterated his belief that Bitcoin was “bad design, extreme and climate intolerant.”

"A single ledger entry in Bitcoin consumes enough energy to power your house for almost a day. That's a climate crisis," said Gelsinger.

However, the Intel CEO went on to state that just because the process of mining Bitcoin is not energy efficient, it doesn't mean the technology behind the asset isn’t good.

Gelsinger explained that Intel’s upcoming Bitcoin mining microchip would be “dramatically better” in terms of the power of performance.

“So we’re helping to solve the climate issue in that way. We want to work with the industry to find ways that technologies like blockchain can be properly regulated and managed as well, so that they truly can be fully realized,” he said.

See Also: Is Bitcoin Energy Usage A Myth?

Earlier this week, Benzinga reported that payments firm Block Inc SQ and Bitcoin miners Argo Blockchain ADR ARBK and Griid Infrastructure GRID would be Intel’s first customers for its energy-efficient mining chip.

Intel expects its new product to deliver a blockchain accelerator that has 1000x better performance per watt than the existing mainstream GPUs for SHA 256 based mining.

INTC Price Action: Intel shares were trading 1.2% lower during the pre-market session on Friday.