Skip to main content

How will current energy sources sustain crypto-currency?

by Anuran Khan, Feb 15
1 minute read

Medium called blockchain as the most significant technology trend of 2020 and with a rising focus on digitisation and fintechs around the globe, a shift to crypto-currency is foreseen especially when in the last few months the valuation of Bitcoin has soared stupendously.

gold-colored Bitcoin

Elon Musk, an advocate of clean technology, has played a part in this when Tesla invested in Bitcoin.

So what?

Mining cryptocurrencies involves prolonged use of servers and supercomputers which in turn result is huge energy consumption. This is quite unsustainable in the current times where there is still a heavy dependence on limited, polluting sources of non-renewable energy.

More emphasis on crypto-currency will only lead to excessive energy consumption which will have other detrimental effects like air pollution due to burning of fossil fuels to keep the servers running.

Unless, an equal emphasis is given on clean and renewable energy, pushing for crypto-currency is only going to widen the energy imbalance, and a radical shift towards crypto-currency can only impede worldwide efforts to limit global warming.

Sources

Details

by Anuran Khan Spotted 4 signals

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • 0
  • Share

Join discussion

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>