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Dulani Jayasuriya, Lecturer in Accounting and Finance, University of Auckland, Waipapa Taumata Rau

Cryptocurrencies use massive amounts of power – but eco-friendly alternatives come with their own risks

POW Crypto Bitcoin Ethereum Cryptocurrency Climate Change Mining
Mark Garlick/Getty Images

As the urgency of climate change ramps up, focus is increasing on digital currencies to address their environmental impact.

According to industry forecasts, the global cryptocurrency market is expected to surge to US$4.94 billion by 2030. But the process of mining digital currencies such as Bitcoin requires immense computational power – causing a significant drain on energy resources.

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