Exploring innovative digital solutions is among the preeminent pursuits for individuals, companies… and nations. Among these is cryptocurrencies - digital currencies known for revolutionizing online fund transfers, given their decentralized, transparent and flexible structure.
And yet, cryptocurrencies are known for their drawbacks, making them a hot potato issue in many countries. Of these drawbacks is the staggering energy consumption throughout the cryptocurrency mining – a process of earning new cryptocurrency by solving sophisticated mathematical equations via proof-of-work, which is one of the transaction validation mechanisms.
The cryptocurrency mining industry is massive, and stats suggest it broke a more than three-year record in February, as it generated almost $1.4 billion, rising 21 per cent from January. The rise is linked with the recent peak in cryptocurrency demand, which also increased the industry s energy consumption, creating a dilemma many wonder what to do
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The Bitcoin energy consumption debate is heating up faster than the planet, with corporations facing pushback from the public and shareholders over Bitcoin investments.
According to a Citigroup Inc. report, Bitcoin is consuming 66 times more electricity than it did in 2015. It added that the carbon emissions associated with mining will likely face increasing scrutiny, according to Bloomberg.
This assertion is backed up by new research from Mastercard â which just released its own Carbon Calculator â that shows 54 percent of people believe that preserving the environment is more important now than it was pre-COVID-19.
Citigroup analysts also stated that:
âAs the value of Bitcoin rises, so should its energy consumption.â
Last modified on Tue 13 Apr 2021 13.01 EDT
The value of the cryptocurrency bitcoin has surged to a record high, reaching $63,000 (£45,800).
The cryptocurrency, which has risen in value by 450% in the last six months, continued to climb by a further 5% during trading on Tuesday.
Bitcoin’s price has more than doubled since the start of 2021. The digital currency has been on a rollercoaster ride in the last year, and was trading at about only $7,000 in April 2020.
The smaller, rival cryptocurrency Ethereum also rose on Tuesday, reaching its own record high of $2,205.
Coinbase’s listing has been viewed by cryptocurrency fans as another sign of its growing mainstream acceptance among investors and financial institutions, and as a means of payment.
Crypto Climate Accord aims for 100% renewables and net-zero digital currency by 2040
A new global accord has been set up to align the swelling cryptocurrency market with the ambitions of the Paris Agreement by ensuring that blockchain and energy-intensive currency mining systems are powered by renewables and reach net-zero emissions by 2040.
The net-zero commitments cover business operations, digital infrastructure and the sector’s historic emissions
The UN-back Crypto Climate Accord has been set up today (8 April) by non-profits the Rocky Mountain Institute, Energy Web, and the Alliance for Innovative Regulation (AIR). The Accord has set out three key aims to limit the sector’s contribution to the climate crisis.
China s Bitcoin Mining Is Threatening Its Climate Change Targets, Study Says nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.