Urgent Warning: Crypto Mining's Carbon Footprint May Trigger Global Climate Crisis

IconCryptoNewsTerminal Staff15 Aug, 2024

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Urgent Warning: Crypto Mining's Carbon Footprint May Trigger Global Climate Crisis

The International Monetary Fund (IMF) released a startling report that revealed that global crypto mining consumption of electricity could increase by 85% and contribute to a 100 million ton increase in carbon emissions annually. The alarming projection mandates urgent international action to curb crypto mining's environmental impact. According to Shafik Hebous, deputy director of the IMF's Fiscal Affairs Department, such a drastic increase in electricity costs for crypto mining is crucial to avoid exacerbating the urgent climate crisis. However, the report emphasizes that unilateral action is ineffective, necessitating global collaboration. This wake-up call demands that stakeholders in the crypto industry and policymakers prioritize sustainable solutions to avert environmental catastrophe.

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