The head of the IMF believes mining bad for energy

Глава МВФ считает майнинг злом для энергетики

Lagarde spoke out against mining

The head of the International monetary Fund Christine Lagarde believes that mining cryptocurrency has become too energy intensive and it is bad for the climate.

Mining cryptocurrency has become too energy intensive, as electricity consumption by the miners was compared to the volume required for the whole economy G-20. This was stated by the head of the International monetary Fund Christine Lagarde today, January 25, speaking at the forum in Davos, writes Bloomberg.

“Mining bitcoins is bad for energy. If everything continues in the same spirit, in 2018 the system will consume as much electricity as Argentina,” said Lagarde.

According to the publication, the energy consumption for mining bitcoins over the past year tripled to reach 37 gigawatt-hours per day. This is equivalent to about 30 nuclear reactors with a capacity of 1.2 gigawatts running on maximum.

“The climate is changing irreversibly, and we just observe how much coal China uses for bitcoin mining. So this situation causes concern”, — summed up Lagarde.

Recall, the Russian businessman Alexey Kolesnik bought two small plants to create a data center and a farm for mining cryptocurrency.

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