Start-ups are coming to the Pacific to pilot a number of world-first blockchain and cryptocurrency projects. Some say it could revolutionise governments and banking, but critics are worried that the region is being used to test the technologies.
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Crypto Club Prez has different views to the person with a PhD
You can buy a Tesla with it, and you can evade the feds with it, but recent reports from Cambridge University show that bitcoin mining consumes more power than the entire country Argentina, and accounts for nearly 1% of global power consumption. Actual, physical mining accounts for 4–7% of power consumption.
Bitcoin mining currently consumes 142.59 Terra-Watt hours of electricity annually. This is more power than is consumed by the entire country of Sweden, or enough energy to power all the Satisfyer Pro 2’s in the New Zealand for 32 years.
Only 26 countries in the world consume more power than bitcoin mining annually. Dr Olivier Jutel, a lecturer at Otago University who specialises in researching bitcoin and blockchain technology was horrified by this, calling it an “environmental, moral, and ethical disaster”. Campbell Miller, President of the Otago University Cryptocurrency Club pointed out the fact that o