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How a carbon-backed cryptocurrency is tackling climate change

World Economic Forum

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Over the last decade, cryptocurrency has exploded in growth, onboarding around 300 million new users. This exponential growth has been accompanied by serious environmental side effects stemming from energy intensive activities such as Bitcoin mining – which by some estimates, consumes as much electricity as a small country each year – and transacting on proof-of-work networks, including Ethereum. Of course, outside of crypto, many activities we engage in every day, such as transacting within the traditional financial system, all have a carbon footprint, reminding us that carbon dioxide knows no borders.