ECB Board Member: Bitcoin (BTC) Threats Global Sustainability Efforts


European Central Bank (ECB) board member Fabio Panetta stated in his blog post that cryptocurrency mining poses a threat to global compliance efforts due to the huge CO2 consumption: “Crypto asset mining is energy consumption and related …

European Central Bank (ECB) board member Fabio Panetta stated in his blog post that cryptocurrency mining poses a threat to global compliance efforts due to the huge CO2 consumption:

“The energy consumption of crypto asset mining and associated CO2 emissions threaten global sustainability efforts.”

The Italian economist stated that the energy used by Bitcoin (BTC) surpasses the energy used by the Netherlands. Panetta also believes that the issue of reducing the environmental impact of crypto mining should be addressed globally.

“Controlling and limiting the environmental impact of crypto assets, including regulation and taxation, should be part of the global debate.”

The Energy Problem Is Increasing

As Bitcoin’s hashrate reaches all-time highs, the amount of energy required to confirm transactions continues to increase. For this reason, the energy used by Bitcoin is criticized from many segments.

Massachusetts Senator Elizabeth Warren stated that the carbon footprint of cryptocurrency is a real problem.

New York State Senator Kevin Parker also introduced a bill earlier this month to temporarily suspend cryptocurrency mining.

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