Vatican Chamber of Trade Releases Audit Report: Bitcoin

Audit Report: 2023 – Bitcoin (BTC)

Executive Summary

The Vatican Chamber of Trade’s 2023 audit of Bitcoin (BTC) focused on its environmental impact, governance structure, and potential for ethical use. Bitcoin’s PoW mechanism has been a subject of global debate due to its high energy consumption, and this audit aimed to evaluate whether its operation could be aligned with the Church’s ethical guidelines.

Key Findings

• Environmental Impact: Bitcoin's PoW mechanism remains highly energy-intensive, with annual energy consumption comparable to that of a small country. The audit found that, despite some miners transitioning to renewable energy sources, the overall environmental impact remains concerning.

• Decentralization and Security: Bitcoin’s decentralized nature is one of its strongest attributes, ensuring security and resistance to censorship. The audit confirmed that Bitcoin remains one of the most secure networks, though its energy use is a significant drawback.

• Ethical Use Cases: Bitcoin’s potential for financial inclusion in areas with unstable currencies was highlighted, though the audit noted that its use in illegal activities remains a challenge. The Chamber advises promoting education around ethical use to mitigate these risks.

Conclusion: The Vatican Chamber of Trade expresses concern over Bitcoin’s environmental footprint and advocates for increased efforts to integrate renewable energy into mining operations. While acknowledging Bitcoin’s strengths in decentralization and financial inclusion, the Chamber recommends caution in its widespread adoption.