Dark side of crypto boom

KUALA LUMPUR (April 11): The exponential rise of cryptocurrencies is inflicting a rise in unlawful cryptocurrency mining actions and driving rampant energy theft. From 2018 to 2021, the nation misplaced RM2.3 billion in energy theft in consequence of unlawful cryptocurrency mining. All this consumption of electrical energy is changing into a hazard, as a result of of not simply extreme energy utilization but in addition the hundreds of thousands of tonnes of carbon dioxide emitted a yr.

Given the skyrocketing recognition of digital belongings which have elevated exponentially in worth, it’s paramount that points surrounding cryptocurrency mining are handled. Despite the escalating downside, there are not any plans to control cryptocurrency mining actions within the nation, which ranks sixth on the earth for crypto mining actions.

While some proceed to behave in the dead of night, Singapore-listed property behemoth Hatten Land has ventured into crypto mining in its properties in Malacca, making it the primary to conduct the exercise legally, and extra sustainably, on a big scale.

Read all about it within the newest situation of DigitalEdge, which comes out with the most recent version of The Edge Malaysia, obtainable now.

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https://www.theedgemarkets.com/article/dark-side-crypto-boom

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About the Author: Daniel