Why? Because it could help the fight against Hotcoldwetdry

Why the cryptocurrency price collapse offers hope for slowing climate change

Cryptocurrencies like bitcoin were meant to be used as digital cash. Instead, they’ve become popular as speculative investments. As well as being resource-intensive and inherently wasteful, cryptocurrencies are also incredibly volatile. Prices for the largest cryptocurrencies, bitcoin and ethereum, have both dropped by over 55% in six months, leading some to suggest that regulation is needed to contain the turmoil. (snip)

The most polluting “proof-of-work” cryptocurrencies, like bitcoin, ethereum and dogecoin, together use around 300 terawatt-hours (TW/h) of mainly fossil-fuelled electricity each year. Bitcoin has an annual carbon footprint of around 114 million tonnes. That’s roughly comparable to 380,000 space rocket launches, or the annual carbon footprint of the Czech Republic.

Proof-of-work mining can be thought of as a controlled way of wasting energy. The process involves specialist computers repeatedly taking random shots at guessing a long string of digits. The amount of computing power dedicated to this effort is referred to as the network’s hash rate.

See, crypto is Bad for ‘climate change’, so, it’s good that people are losing butt tons of their money, so, hopefully people will stop using them

The damage caused by bitcoin mining disproportionately affects poor and vulnerable communities, as mining outfits and crypto developers take advantage of economic instability, weak regulations and access to cheap energy. Locals wanting to use these resources for productive purposes can be priced out by bitcoin miners. These communities also tend to face the sharp end of the climate crisis, which crypto mining fuels.

It’s always the uber-white middle and upper class Warmists whiteknighting for the poor and minorities, while creating policies that keep them poor.

In the aftermath of the 2008-10 global financial crisis, governments promised a crackdown on toxic financial instruments with make-believe valuations. For the global climate and a stable economy, cracking down now on crypto will be a boon for everyone. But if environmental regulation efforts are not globally coordinated or far-reaching enough, crypto’s climate contagion will continue to grow.

By cracking down, the writer, “Peter Howson, Senior Lecturer in International Development, Northumbria University, Newcastle”, means banning cryto. How much money would people lose at that point, all for a doomsday cult?