Hopefully, the recent implosion of cryptocurrency exchange FTX, and the backlash against crypto investors like Sam Bankman-Fried, will prompt the city of Miami to reconsider its economic priorities. FTX, whose 1.2. million users used the exchange to purchase cryptocurrency tokens such as Bitcoin, recently filed for bankruptcy. Amidst the demise of FTX, Bitcoin has plunged along with the entire crypto market. Though certainly concerning for investors, the FTX imbroglio could offer a respite for the environment by discouraging an ongoing crypto craze. Bitcoin transactions consume a lot of energy – the lion’s share of which comes from fossil fuels – since so-called “mining rigs” are comprised of powerful computers working in tandem to solve complex mathematical problems. Bitcoin is so damaging to the environment, in fact, that experts estimate the digital token now consumes more energy than the whole of Argentina, a nation of 45 million people. Indeed, the carbon footprint of a sole Bitcoin transaction is equivalent to almost two million Visa transactions, and 135,229 hours watching YouTube. Unfortunately, billionaires such as Bankman-Fried have been seemingly impervious to such environmental realities. Other moguls such as Elon Musk, meanwhile, have pledged to fight climate change. However, the Tesla boss has had an odd on-and-off relationship with Bitcoin, not to mention the tech CEO’s own Boring Company which conducts business in the digital currency Dogecoin. Large crypto ‘mining rigs’ draw massive amounts of electricity to run hundreds or thousands of computers that ‘mine’ digital currencies. Photo by Marko Ahtisaari on Flickr and licensed…This article was originally published on Mongabay Läs mer

SRNF Nyhetsbrev

SRNF Nyhetsbrev

Åh hej där 👋 Det är trevligt att träffa dig

Registrera för att hålla dig uppdaterad både som MEDLEM eller PRENUMERANT.

* Vi gör inte spam!! Läs vår integritetspolicy för mer information.

close

SRNF Nyhetsbrev

SRNF Nyhetsbrev

Åh hej där 👋 Det är trevligt att träffa dig

Registrera för att hålla dig uppdaterad både som MEDLEM eller PRENUMERANT.

* Vi gör inte spam!! Läs vår integritetspolicy för mer information.