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Browsing: cryptos
- Cryptocurrency mining appears to be going in a different direction from the larger part of the world to fight carbon emissions
- The United States- where 35.4 per cent of bitcoin mining takes place-releases over 40 billion tonnes of carbon emissions annually, the equivalent of 9 million cars
- The University of Cambridge states that bitcoin generates about 132.48 terawatt-hours every year
- However, the cryptocurrency industry is looking to reduce 100 per cent of its carbon emissions by the end of this decade
There has been a debate about bitcoin mining facilities moving to Africa. The continent has the biggest potential to generate renewable energy sources, and the facilities will reduce saturation in the West and Europe.
Why renewable sources of energy? Bitcoin mining counts at the top of the world’s leading carbon-emitting industries!
Cryptocurrency mining appears to be going in a different direction from the larger part of the world to …
- The African continent receives only 2 per cent of the total global value of all cryptocurrencies.
- Chainalysis ranks Kenya, South Africa, and Nigeria as three of the top ten countries for cryptocurrency adoption globally
- Many African countries have overlooked this financial innovation, maintaining cryptocurrency exchanges while failing to provide a regulatory framework or allowing trading but not providing an exchange for their citizens.
The development in internet access in sub-Saharan Africa has brought with it new technologies such as cryptocurrencies and blockchain that have the potential to enhance and significantly revolutionise financial and economic sectors.
The African continent receives only 2 per cent of the total global value of all cryptocurrencies. In February 2022, CoinGecko estimated the crypto market to be worth US$2.04 trillion, translating to a US$40 billion African market worth.
The rapid growth of crypto in the continent will profoundly impact the financial sector in sub-Saharan Africa, which …
