Lunch & Learn: Cryptocurrency and Sustainability

Cryptocurrency’s energy consumption has turn into its newest flashpoint. Critics condemn it as an vitality hog whereas proponents hail it for being much less intensive than the present international economic system.

Bitcoin, the world’s largest cryptocurrency by market capitalisation, at the moment consumes an estimated 150 terawatt-hours of electrical energy yearly — greater than the whole nation of Argentina, a inhabitants of 45 million. It represents not solely a local weather dilemma – when the world continues to be closely reliant on fossil fuels, however probably a social one – cryptocurrency operations have already been blamed for blackouts in locations like Iran and Kazakhstan because of its pressure on nationwide energy grids.

Whereas there are those that assume the very foray into crypto is a profligate misallocation of sources, others say the expertise’s youth means there’s nonetheless a lot room for innovation in utilizing energy extra effectively and connecting techniques to greener grids.

There’s additionally the advantages cryptocurrency brings to the world – in making monetary transactions quicker, safer and extra clear. Blockchain expertise is already being developed to enhance the integrity of ESG mechanisms like verifying sustainability studies and monitoring provide chains.

How do these advantages weigh towards crypto’s energy consumption and the necessity to quickly decarbonise? Is the expertise a zero-sum recreation towards the surroundings, or are there methods to use it sustainably? How will we get stakeholders to care extra about its dangers to surroundings and folks?

Be a part of the dialogue on Cryptocurrency and Sustainability: The Power Debate.