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Wood’s ARK Says Bitcoin Mining Can Be Good for the Planet (2)

April 22, 2021, 11:54 AM

Bitcoin mining is often decried as an energy hog, but according to Cathie Wood’s ARK Investment Management LLC it could actually be good for the planet.

Cryptocurrency mining can drive investment in solar power and make more renewable energy available to the grid, according to a post from ARK research director Brett Winton and co-authors Yassine Elmandjra and Sam Korus.

“A world with bitcoin is a world that, at equilibrium, generates more electricity from renewable carbon-free sources,” they wrote.

With investments in everything from Coinbase Global Inc. to Bitcoin, ARK has a clear profit motive in promoting the green ...