Cryptocurrency’s dirty secret: Energy consumption

Though skeptics may characterize cryptocurrency as “fake money,” “worse than tulip bulbs,” or outright fraud, it is a very real business. The market capitalization of the almost 19,000 cryptocurrencies in circulation is currently around $1.75 trillion—about the same as the gross domestic product of Italy, the world’s eighth largest economy. Even though you might not be able to buy a loaf of bread with Bitcoin at the corner store, many investors are putting a lot of legal tender money into cryptocurrencies.
Though skeptics may characterize cryptocurrency as “fake money,” “worse than tulip bulbs,” or outright fraud, it is a very real business. The market capitalization of the almost 19,000 cryptocurrencies in circulation is currently around $1.75 trillion—about the same as the gross domestic product of Italy, the world’s eighth largest economy. Even though you might not be able to buy a loaf of bread with Bitcoin at the corner store, many investors are putting a lot of legal tender money into cryptocurrencies.

Published on : May 5, 2022 at 8:05 PM

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