Joanna Ossinger, Bloomberg News VIDEO SIGN OUT
The cryptocurrency entrepreneur who spent more than US$69 million for a piece of digital art has a message for speculative buyers of non-fungible tokens: be prepared to lose your money.
Vignesh Sundaresan, also known by the online moniker MetaKovan, vaulted into the spotlight last month after paying a record-breaking sum for the NFT of Beepleâs âEverydays: The First 5,000 Days.â As Sundaresan tells it, his motivation wasnât to make money but to support the artist and showcase the technology.
Anyone trying to profit from NFTs is âtaking a huge risk,â he said in a video interview. âItâs even crazier than investing in crypto.â
updated: Mar 09 2021, 22:18 ist
By Andrew Ross Sorkin,
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing.”
That was what Bill Gates recently told me.
At a time when companies and investors increasingly say they are focused on climate and sustainability issues, some of them may be about to collide with the reality of another financial trend, one currently worth about $1 trillion: Bitcoin.
The cryptocurrency has become inescapable, with big companies like Tesla and individual investors alike rushing to stock up on the digital token.
But depending on which study you read, the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.
As companies and investors increasingly say they are focused on climate and sustainability, the cryptocurrency’s huge carbon footprint could become a red flag.
The annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.
View: Bitcoin s climate problem - The Economic Times indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.