Bitcoin’s impacts on climate and the environment: The cryptocurrency’s high value comes at a high cost to the planet

Renee Cho ()
Additional contact information
Renee Cho: Columbia University

Journal of Financial Transformation, 2022, vol. 55, 76-81

Abstract: Bitcoin, with a market cap of U.S.$727 billion, is the largest cryptocurrency in the world. It can be used to buy cars, furnishings, vacations, and much more. In 2011, one bitcoin was worth U.S.$1; at the time of writing this article each bitcoin is worth approximately U.S.$38,000. Because some bitcoin investors have become millionaires overnight, more and more people are intrigued by the possibility of striking it rich through investing in cryptocurrencies like bitcoin. But bitcoin’s rising popularity may make it impossible for the world to stave off the worst impacts of climate change, because the energy consumption of this cryptocurrency is enormous and its environmental implications are far-reaching.

Keywords: Bitcoin; Cryptocurrencies; Climate Finance (search for similar items in EconPapers)
JEL-codes: G12 G23 O16 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1682

Access Statistics for this article

Journal of Financial Transformation is currently edited by Prof. Shahin Shojai

More articles in Journal of Financial Transformation from Capco Institute 77 Water Street, 10th Floor, New York NY 10005.
Bibliographic data for series maintained by Prof. Shahin Shojai ( this e-mail address is bad, please contact ).