Bitcoin – A Cryptic Environmental Threat

Non-fungible tokens (NFT) and blockchain pose an untold threat to the environment. Miners of blockchain tend to set up in places with cheap energy, which generally translates to carbon pollution – and it requires an enormous amount of energy.

Popular bitcoin Ethereum’s annual energy use is roughly on par with all of Ireland’s annual energy use. Without regulation, skyrocketing bitcoin prices could lock the world into years of increased fossil fuel mining, large emissions and resource scarcity.

Dean of Swinburne’s Digital Research and Innovation Capability, Professor Yang Xiang, spoke On The Record of the threat these technologies pose to the environment and what can be done about it.