- 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.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
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…
Leave a Reply