The UN-backed Intergovernmental Panel on Climate Change (IPCC) identified cryptocurrencies among the risks to the environment.<\/p>\n
In the report the report<\/a> \u201cMitigation of Climate Change Impacts,\u201d the authors stressed that \u201cwithout immediate and substantial reductions in carbon emissions across all sectors, limiting global warming to 1.5\u00b0C is unattainable.\u201d<\/p>\n They argued that advances in storage, processing and transmission of information could help lower emissions. This would come from improvements in energy-efficiency controls, lower costs of transactions in energy production and transmission, and a reduced need for physical transport of energy.<\/p>\n \u201cNevertheless, data centres and the energy-intensive IT systems associated with them (including blockchain) will raise demand \u2014 cryptocurrencies could be a global source of CO2<\/sub> if electricity generation is not decarbonised. There is also concern that information technologies could exacerbate existing disparities,\u201d the authors of the report said.<\/p>\n<\/blockquote>\n They noted that digitalisation, automation and artificial intelligence, as general\u2011purpose technologies, could give rise to a number of new products and applications. These solutions, while potentially efficient in themselves, could increase electricity demand.<\/p>\n \u201cEnergy needs for cryptocurrencies are also a growing concern, though there is considerable uncertainty about their use by the assets’ underlying blockchain infrastructure,\u201d the IPCC report states.<\/p>\n<\/blockquote>\n In November 2021, the heads of two Swedish regulators said that mining Bitcoin and other cryptocurrencies that operate on the Proof-of-Work<\/a> algorithm would hinder the EU\u2019s ability to meet its carbon-reduction commitments. They proposed to ban<\/a> such mining methods.<\/p>\n In January, one of them, Erik Teden, already in his role as deputy chair of ESMA<\/span>, again called on the EU to ban<\/a> it. His view was supported by<\/a> Hungarian Finance Minister Gy\u00f6rgy Matolcsy.<\/p>\n","protected":false},"excerpt":{"rendered":" The UN-backed IPCC identified cryptocurrencies as a risk to the environment.<\/p>\n","protected":false},"author":1,"featured_media":59615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1259],"class_list":["post-59614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ecology"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=59614"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59614\/revisions"}],"predecessor-version":[{"id":59616,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59614\/revisions\/59616"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/59615"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=59614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=59614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=59614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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