Cryptocurrencies like Bitcoin and Ether are becoming mainstream and the primary technology underpinning the crypto industry—blockchain—is earning its place in dozens of industries, from healthcare to logistics to the energy sector. Crypto demand is at an all-time high.
But this has surfaced a critical issue: the large and growing energy consumption of cryptocurrency and blockchains — and the climate impact of their energy use
. Bitcoin alone uses more electricity annually than the entire country of Argentina. More than 60% of that electricity comes from polluting, fossil-fueled sources. That’s a problem.
The cryptocurrency industry is not alone. The technologies underpinning crypto are powered by electricity—just like other modern technologies such as cloud computing, data storage & processing, social networks, artificial intelligence, and electric vehicles.
Industries from across the global economy are beginning to decarbonize their operations in order to facilitate widespread, sustainable industry growth. We can do the same in crypto