Vancouver mayor Ken Sim wants to transfer some of the city's financial reserves into Bitcoin cryptocurrency  — and says it will be good for the climate, too. His claim has some experts scratching their heads.

Sim is a crypto proselytizer. Last week, he preached in a video interview for the Coin Stories podcast that he believes Bitcoin “is the greatest invention in human history.”

His proposal would order city staff to assess the feasibility of making Vancouver “Bitcoin-friendly,” for instance, by accepting payments in Bitcoin and investing some of the municipality’s financial reserves into the cryptocurrency.

Sim’s motion, which will go to a vote on Wednesday, claims that “Bitcoin mining has shown environmental benefits” that are realized when mines use electricity that would otherwise be wasted. The motion did not cite sources and the mayor’s office did not provide any to Canada’s National Observer when requested.

Fellow council members aren’t buying it.

Researchers estimate that each Bitcoin transaction generates as much carbon emissions as driving a gas-powered car around 2,200 km. Between 2020 and 2021 alone, U.N. researchers estimated that if Bitcoin mining were a country, it would rank 27th in the world in energy use. The sector’s electricity demand is so high that B.C. has temporarily banned crypto mining until officials can figure out if the province has enough power.

  • i_stole_ur_tacoEnglish
    13·
    3 days ago

    Ken, you ran on law and order and cleaning up all the theft and random violence in the city! You’ve failed to do anything except share thoughts and prayers and point the finger at Ottawa and Victoria. You’re literally having the same effect as your predecessors who you called ineffective and soft on crime!

    Maybe focus on that instead of promoting crypto like some right wing grifter.

    You should have time to solve this easy issue you campaigned on. You even built a private gym for yourself in city hall to improve your effectiveness. Let’s see some effectiveness!