Bitcoin’s Environmental Toll Could be Even Higher This Year.
At this point, for most of us, cryptocurrency seems like nothing more than a fad. After the FTX bankruptcy and broader crypto crash last year, basically all of the celebrities who were promoting crypto have gone silent. “MiamiCoin,” hyped by Miami Mayor Francis Suarez as a new source of income for the city, is now worthless. The Wild West days of the industry may be over.
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Recently, the head of the SEC warned crypto firms that they will be held accountable for their actions. This may be the beginning of a more regulated era for the industry. While this may be bad news for some, it could be good news for the environment.
Cryptocurrency has a massive environmental toll. The huge amount of energy required to mine Bitcoin and other cryptocurrencies is causing a huge increase in carbon.