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- Bank of America research shows bitcoin’s immense environmental footprint.
- It is one one of the biggest carbon-emitting sectors, on a par with huge firms and even the US federal government.
- Other less climate-related concerns include use of bitcoin in cybercrime such as money laundering.
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Bitcoin’s energy consumption is comparable to that of major corporations like American Airlines, which flies over 200 million passengers a year, and even the entire US federal government, which employs 2 million people, according to research on Wby Bank of America.
Each $1 billion in inflows into bitcoin uses the same amount of energy as 1.2 million cars, estimates the report. “Looked at differently, a single Bitcoin purchase at a price of ~$50,000 has a…
