Bitcoin alone uses more energy than the global financial system.
Mining and online speculation related to the most popular cryptocurrency already consume 140 TWh annually, while the global financial system 130 TWh.
This is more than the annual energy needs of all of Argentina or the Netherlands. Experts report that the lion's share of energy comes from burning fossil fuels, because the largest excavators, or data centers, are located in countries where oil and coal are traded.
it is about emission of greenhouse gases into the atmosphere, excavators generate over 200 million tons of CO2 annually.
Poland emits less than 300 million CO2, and is already subject to strict EU restrictions.
It is therefore not surprising that Bitcoin is on censored ecologists, and soon more rapidly growing cryptocurrencies will join it. The problem of Bitcoin and the growing popularity of cryptocurrencies make this new digital phenomenon a problem for politicians who are associated with environmental movements
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We have just received an extremely important message from the United States.
Well, the New York state government wants to introduce a 3-year ban on Bitcoin mining activities throughout its territory, and we can expect other states to follow New York's footsteps.
California, for example, is already alliance to establish a similar law.
Not only in the USA, the Bitcoin problem has already grown into a national problem.
Cryptocurrencies are banned in more and more new countries.
The best example here is India.
In this country, you can go to jail for mining cryptocurrencies. Cryptocurrencies have already caused quite a stir in the electronic equipment market.
Currently, the purchase of an efficient graphics card is almost a miracle, and if they appear on store shelves, their prices are 3-4 times higher than they should be.
It is similar with the top laptops themselves.
There is no indication that this trend is going to change quickly, and experts believe that this is just the tip of the iceberg.
Soon it is to be even worse, because other cryptocurrencies are also growing in strength, for example, on the demand for disks.
For example, Ukraine wants to power excavators with nuclear energy (see here).
This shows just how fast the global craze for virtual coins is spreading.
And who defines what is the "correct" price? A central committee? The price is exactly where it should be, as long as demand is much higher than supply. This price will incentivize producers to produce more. Otherwise supply will never go up.
And regarding the financial systems 130 TWh usage. I am wondering how that was calculated. So many things fall into this. All the banksters salaries and bonuses, the emissions of their SUVs,... was this all added too?