Google, the search engine giant, recently reversed its decision regarding the ban on cryptocurrencies advertisings. The enterprise has partially lifted the ban and will allow regulated cryptocurrency exchanges to buy ads through Google platform in the US and Japan. However, the recent reports state that Google cracked a joke regarding the sky-high prices of mining Bitcoin and cryptocurrency.
Currently, Google launched a new Call Screen service that is designed to interact with the caller before answering the phone. In that ad, the search giant has taken a funny potshot regarding the exorbitant price of crypto mining. It depicts a character who points out that this process is consuming a lot of energy.
Bitcoin and cryptocurrency mining’s high energy costs have become a topic of negative criticism. Many have suggested that the power use is unsustainable and makes bitcoin and cryptocurrency unsuitable for mainstream adoption. The concept is garnering negative criticism as the energy consumption is too much.
PwC estimates that the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts, which amounts to the energy consumption of 22 terawatt-hours (TWh) per year—almost the same as entire country of Ireland, as reported in Forbes.
While Google is criticizing Bitcoin and cryptocurrency mining, Bitcoin community is also condemning the search giant. Google lists Berkshire Hathaway chief executive Warren Buffett, JP Morgan Chase boss Jamie Dimon and Mastercard CEO Ajay Banga as the “CEOs of bitcoin”, all of whom have been vocal about their disdain for bitcoin and cryptocurrencies. Meanwhile, Google plans to reject some advertisements for ICO’s, which aim to raise funds, and various other ads related to crypto wallets and trading advice, as reported in The Verge.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]