The White House has released a report claiming that Bitcoin and other cryptocurrencies are contributing to climate change and must be thwarted to save mother Earth.
The report, “CLIMATE AND ENERGY IMPLICATIONS OF CRYPTO-ASSETS IN THE UNITED STATES,” suggests that cryptocurrency must be restricted in order to save the environment.
“Digital assets, including crypto-assets, require electricity for generation, ownership, and exchange. Crypto-asset networks use electricity to power four major functions: data storage, computing, cooling, and data communications. Of these, computing uses the vast majority of electricity within crypto-asset networks,” the report states.
“Therefore, most studies have focused on estimating the electricity usage of computing devices, including the additional electricity required for cooling. Electricity for cooling can add anywhere from a low percentage (for cool climates) to over 100% of the electricity consumed by the computing equipment itself,” it continues.