Lagarde Says Cryptocurrency Mining Is Consuming Too Much Power
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Mining cryptocurrencies is far too energy intensive and is consuming as much electricity as a G-20 economy, International Monetary Fund Managing Director Christine Lagarde said.
“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said in Bloomberg TV interview with Francine Lacqua and Tom Keene at the World Economic Forum’s annual meeting in Davos, Switzerland. “And we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina.”