this post was submitted on 04 Dec 2023
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Microblog Memes

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Cryptoflation (lemmy.world)
submitted 1 year ago by rnjesus@lemmy.world to c/microblogmemes@lemmy.world
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[–] FlyingSquid@lemmy.world 1 points 1 year ago

Now let's talk about how good for humanity its carbon footprint is.

Bitcoin—the world’s oldest and most popular form of cryptocurrency, with a total market value that topped $1.3 trillion—now eats up half a percentage point of all the electricity consumed in the world. That puts it on par with the usage of the entire country of Sweden. In fact, Google could power all of its global operations on that amount of energy, seven times over. In comparison with more traditional online banking, a single bitcoin has the same carbon footprint as 330,000 credit card transactions.

https://www.nrdc.org/stories/crypto-has-climate-problem

Note, that's from February of 2022. The problem has only grown since then.