Crypto’s Need for Sustainability Standard-Setting Starts Here
Cryptocurrencies have gained strong momentum over the last couple of years, drawing widespread attention from both proponents and skeptics.
While investors have lauded digital currencies for their high yields and fiat-based volatility, critics have decried the environmental impacts and the toll the high-powered computing requirements for powering the blockchain are having on the planet.
The reality is crypto’s impact pales in comparison to other sources. For example, Bitcoin (BTC) accounts for only 0.23% of the world’s total energy consumption, and accounts for less than half the energy consumed by the global cement industry.
Meanwhile, iron and steel production consumes over 8X the energy of Bitcoin with residential air conditioning alone trumping Bitcoin by a factor of 14.
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