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White House Discusses Climate Change and Cryptocurrency

CJ - Cryptocurrency Enthusiast

A Fact Sheet on the Climate and Energy Implications of Crypto-Assets in the United States was published by the White House earlier in September. According to the analysis, yearly power consumption from worldwide crypto assets increased significantly between 2018 and 2022, with predictions of electricity use doubling to quadrupling.

Additionally, according to published estimates, the yearly worldwide power consumption for crypto assets ranges from 120 to 240 billion kilowatt-hours, exceeding the annual electricity consumption of several individual nations like Australia or Argentina. This is comparable to the yearly power use of all traditional data centers worldwide and equates to 0.4% to 0.9% of the world's total annual electricity consumption.

In addition, according to data from the White House, the US currently accounts for 38% of the world's Bitcoin mining activity, up from 3.5% in 2020. Ethereum is predicted to use 20% to 39% of the total worldwide power used by crypto assets, compared to Bitcoin's 60% to 77%. The White House Office previously said that the government aims to achieve net-zero emissions of greenhouse gases by 2050, a carbon-free electrical grid by 2035, and a reduction of 50% of greenhouse gas emissions by 2030.

Saying that, a lot of the Bitcoin miners are moving to renewable energy resources to reduce the carbon footprint. Bitcoin and other cryptocurrencies are more likely to stay and in order to successfully transact with them mining will be essential. There are a lot of aspects to climate change and cryptocurrency is only one of them. We better find ways to reduce the carbon footprint along with the use of cryptocurrencies that bring many financial advantages. Therefore, if you're looking for the best Bitcoin broker to purchase Bitcoin or learn more about cryptocurrencies, we recommend visiting BCBitcoin.

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