“[ Cryptocurrencies are ] an extremely inefficient way of conducting transactions , and the amount of energy that ’ s consumed in processing those transactions is staggering ”
EDITOR ' S LETTER Data centres ’ embarrassing ANCAP cousin
At a moment in history when the data centre industry is largely coming around to the urgent need for sustainable practice , crypto-mining , trading and NFTs risk ruining it for the rest of us
“[ Cryptocurrencies are ] an extremely inefficient way of conducting transactions , and the amount of energy that ’ s consumed in processing those transactions is staggering ”
Janet Yellen , US Treasury Secretary
DATACENTRE MAGAZINE IS PUBLISHED BY
Cryptocurrencies like Bitcoin , Ethereum and Dogecoin are hitting the mainstream , accompanied by unprecedented interest and record high prices . However , this uniquely anti-establishment , pro free market trend is having some decidedly unsavoury consequences for the data centre industry ’ s image .
As the price of cryptocurrencies − alongside the recent NFT fad hitting the digital art world − has exploded , so too has the practice of mining ’ s energy consumption .
US Treasury Secretary , Janet Yellen , called the amount of energy that Bitcoin consumes “ staggering ”, and a number of regulatory initiatives have kicked off around the world to curtail − and even ban outright− cryptocurrency-related activities .
At a time when the US has rejoined the Paris Climate Accord , and data centre operators of all sizes are working harder than ever to increase efficiency , and use a higher mix of renewables than ever , the crypto industry seems increasingly incapable of reading the room . Frankly , it ’ s all a little embarrassing .
HARRY MENEAR harry . menear @ bizclikmedia . com © 2021 | ALL RIGHTS RESERVED datacentremagazine . com 5