Bitcoin can cause dirtier crypto mining
TBILISI/KUALA LUMPUR: China is continuously easing the ban from cryptocurrency as a result of which it is giving birth to another industry which has been criticised for its impact on environment.
Bitcoin’s value tumbled last week after China’s central bank urged banks and payment firms in the country to crack down harder on cryptocurrency trading, in the latest tightening of restrictions on the sector by Beijing.
This was good news for climate activists, who have voiced concerns over the potential for the energy-hungry cryptocurrency mining industry to disrupt international efforts to rein in global warming.
Bitcoin and other cryptocurrencies are created or “mined” by high-powered computers competing to solve complex mathematical puzzles, which guzzle energy and fuel planet-warmi...