Blockchain transactions are carried in blocks. The amount of energy it takes to add a new block varies widely depending on how it’s done.
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Ethereum, one of the world’s largest blockchains and host of decentralized finance, NFTs and billions of dollars’ worth of cryptocurrency, is poised to dramatically reduce its energy consumption.
The landmark change places Bitcoin and other cryptocurrencies under immense pressure to follow suit.
Crypto trading platforms Celsius and Voyager filed for bankruptcy in July 2022, suspending all withdrawals, swaps and transfers between accounts and leaving users’ assets trapped inside their platforms.
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Because cryptocurrency exchange platforms act more like banks, they should be subject to increased oversight to protect clients’ assets.
Some of the of 19,000 private cryptos in use by end of June 2022. Users have increased sharply in Africa after the COVID-19 outbreak. Silas Stein/Picture Alliance via
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Di Wang, Queensland University of Technology; Brett Martin, Queensland University of Technology, and Jun Yao, Macquarie University
Narcissism and belief in conspiracy theories may be among the factors that motivate people to buy cryptocurrencies.
Members of Congress give Ukrainian President Volodymyr Zelensky a standing ovation during a speech by videoconference on Capitol Hill in Washington, D.C., on March 16, 2022. Ukraine says it is pioneering a new source of financial support: cryptocurrency.
(Sarahbeth Maney/The New York Times via AP)
Cryptocurrency allows Ukraine to get quick financial support, and Russia, to bypass international sanctions and protect some of its economic interests.
Many people promoting cryptocurrencies are looking for something bigger than the future of financial transactions. They’re aiming to break free of governments and corporations.
Bitcoin’s annual electricity consumption is more than three times New Zealand’s – those hidden environmental costs must be part of any future regulation.
A closer look at Bitcoin transactions suggests ordinary Russians are the ones buying more cryptocurrency, hoping to hang onto savings as the ruble’s value plummets.