European Central Bank (ECB) board member Fabio Panetta stated in his blog post on May 11 that cryptocurrency mining poses a threat to global compliance efforts due to its huge CO2 consumption:
“The enormous energy consumption and associated CO2 emissions of crypto asset mining can undermine global sustainability efforts.”
The famous Italian economist added that Bitcoin (BTC) now requires more energy than the Netherlands. Panetta believes that reducing the environmental impact of crypto mining should be a global issue.
“Controlling and limiting the environmental impact of crypto assets, including the issue of regulation and taxation, should be a topic of global debate.”
The amount of energy required to confirm transactions continues to increase as Bitcoin’s hashrate rises to all-time highs. This situation increases the criticism of activists and politicians.Massachusetts Senator Elizabeth Warren called the crypto carbon footprint “a real problem.” Also earlier this month, New York State Senator Kevin Parker introduced a bill to temporarily suspend crypto mining in the state.