In Coinbase’s rise, a reminder: Cryptocurrencies use lots of energy
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Last Updated: Apr 15, 2021, 08:58 AM IST
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Coinbase is a startup that facilitates the buying and selling of cryptocurrencies like Bitcoin.
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By Hiroko Tabuchi
The stock market debut of Coinbase, a startup that facilitates the buying and selling of cryptocurrencies like Bitcoin, is a watershed moment for digital money.
It also threatens to lock in a technology with an astonishing environmental footprint.
Cryptocurrencies use blockchain technology, which relies on specialized computers racing to solve complex equations, making quintillions of attempts a second to verify transactions. It’s that practice, called “cryptomining,” that makes the currencies so energy-intensive.
In Coinbase s Rise, a Reminder: Cryptocurrencies Use Lots of Energy
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