For the crowd who believe that technology will save us from our sins, climate-related as otherwise, some grim news has appeared. Trendy technology from bitcoins to NFTs that depend on blockchain technology have… oh dear… a massive carbon footprint.
The New York Times “Climate Fwd” alerts us that NFTs are a huge problem. “. According to one estimate, the creation of a single NFT, on average, produces as much greenhouse gas as a 500-mile trip in a typical American gasoline-powered car.” And the Telegraph warns us that “Bitcoin mining in China will outstrip the energy consumption of European countries by 2024, scientists say, warning that the industry threatens climate change goals.” What’s worse, “The process of ‘mining’ the cryptocurrency, which involves powerful computers verifying transactions by solving puzzles, is energy intensive and in China has a significant carbon footprint because many of the miners are in areas dependent on coal for energy.”