Article: The debate about cryptocurrency and energy consumption

Crypto

bitcoin miningThe debate about cryptocurrency and energy consumption

Energy consumption has become the latest flashpoint for cryptocurrency. Critics decry it as an energy hog while proponents hail it for being less intensive than the current global economy.

One such critic, DigiEconomist founder Alex de Vries, said he’s “never seen anything that is as inefficient as bitcoin.”

On the other side of the debate, research by ARK Investment Management found the Bitcoin ecosystem consumes less than 10% of the energy required for the traditional banking system. While it’s true the banking system serves far more people, cryptocurrency is still maturing and, like any industry, the early infrastructure stage is particularly intensive.

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Article: Can cryptocurrencies and their vast energy use co-exist with Singapore’s green goals?

Blockchain, Crypto

Can cryptocurrencies and their vast energy use co-exist with Singapore's  green goals? - CNACan cryptocurrencies and their vast energy use co-exist with Singapore’s green goals?

Despite these developments, blockchain technology can co-exist with Singapore’s green plans, said Asst Prof Dinh. The Government launched a Green Plan last month, charting Singapore’s sustainability goals over the next 10 years across various ministries.

For one, experts believe that energy-intensive cryptocurrency mining is not done on a large scale in Singapore.

In a written parliamentary reply in February, Minister for Sustainability and the Environment Grace Fu said that cryptocurrency mining happens predominantly in markets with a cheap supply of electricity.

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