IMF Managing Director, "Christine Lagarde": bitcoin Mining Consumes Electricity Too Much!
The mining bitcoin is energy - consuming process intensively, and this is the message that wanted to be reaching the administrative president of the International Monetary Fund ( ( IMF ) ), Christine Lagarde , the advocates of digital currency.Lagarde, speaking from the World Economic Forum's Davos town, said the mining was an " energy-angry " industry , a factor that the International Monetary Fund sees as asource of concern. In a television interview with Bloomberg, she said:
"Bitcoin mining, which is accelerating and increasing the use of computers to determine value and stimulate the mechanism's work, is fueling energy anger. We believe that if this system continues in 2018, mining will consume electricity as much as Argentina consumes as a "
According to Bloomberg , the total energy consumption of the petrochemical industry has tripled in 2017 , reaching its peak daily usage of 43 GWh in December. Many analysts and environmentalists have raised the specter of energy use in the industry. Lagarde said this has become a major concern as the world is already suffering from climate change. "In times of climate change, when we look at the amount of coal used in some Chinese provinces for the mining of bitcoin, that is a big concern for us," she said.However, despite this concern, other analysts said that the issue of energy consumption in the industry has been amplified. Last week, the Credit Suisse report said that the use of electricity by the metal will increase as long as the practice is still profitable, and the actual expectations are far from the power and environmental disaster that some fear.
The blockchain technique is wonderful but the bitcoin has a "dark side"
For long, Lagarde has sought to separate the technology on which digital currency is based, such as Bitcoin itself. Where she said that this technology, will bring " large-scale disturbances ," the prediction repeated in the current interview. She said it was wonderful about digital currency is the technology on which it is based, a distributed accounting book technology that guarantees identity and trust, authentication of transactions, without mediation, and I think this was the dream of original inventors of bitcoin.She also noted that innumerable central banks have begun to experiment with how to integrate the technology of account books distributed in their own operations, without sacrificing authority to control and issuing new currency units. However, public digital currencies have another dark side behind their huge energy consumption, Lagarde claimed. She added that anonymity is likely to facilitate money laundering, illegal money, and things that do not please anyone, and if we are looking for financial stability and transparency of financial transactions, this is the dark side.In response to this threat, the International Monetary Fund (IMF) has recently called for international cooperation on regulating digital currencies and joining similar transactions of financial regulators in a variety of " G20 nations" . Source:
CCN