Challenges and Future of Cryptocurrency: Concerns Over Energy Consumption
Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), recently expressed concerns over the increasing energy consumption and carbon footprint of cryptocurrency mining and artificial intelligence (AI) data centers. She pointed out that, according to IMF data, the global electricity consumption share of cryptocurrency mining and data centers could rise from 2% in 2022 to 3.5% by 2027, equivalent to the electricity consumption of Japan, the world's fifth-largest electricity consumer. Although the carbon emissions from mining activities may decrease by 2027, the carbon emissions from data centers are expected to reach 450 million tons, accounting for about 1.2% of the global total.
As many countries around the world actively explore the economic potential of cryptocurrency, U.S. President-elect Trump and the Russian government are respectively committed to making the U.S. a bitcoin mining hub and legalizing cryptocurrency mining.
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