Will FTX’s demise shift sinking Miami’s crypto embrace? (commentary)
, 2022-12-08 16:44:19,
- Encouraged by a Bitcoin-friendly mayor, Miami has become a cryptocurrency capital, of sorts.
- This seems ironic because low-lying city is extremely vulnerable to sea level rise, and the crypto industry has one of the heaviest carbon footprints, thereby hastening that rise due to climate change.
- Before FTX imploded recently, the crypto investor Sam Bankman-Fried hoped to turn Miami into a hub for global cryptocurrency. “Hopefully, the demise of FTX will derail such vainglorious fantasies,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.
Hopefully, the recent implosion of cryptocurrency exchange FTX, and the backlash against crypto investors like Sam Bankman-Fried, will prompt the city of Miami to reconsider its economic priorities. FTX, whose 1.2. million users used the exchange to purchase cryptocurrency tokens such as Bitcoin, recently filed for bankruptcy. Amidst the demise of FTX, Bitcoin has plunged along with the entire crypto market. Though certainly concerning for investors, the FTX imbroglio could offer a respite for the environment by discouraging an ongoing crypto craze. Bitcoin transactions consume a lot of energy – the lion’s share of which comes from fossil fuels – since so-called “mining rigs” are comprised of powerful computers working in tandem to solve complex mathematical problems.
Bitcoin is so damaging to the environment, in fact, that experts estimate the digital token
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