ECB board member says Bitcoin threatens sustainable development goals

Cryptocurrency mining, such as Bitcoin, poses a threat to global sustainable development in environmental terms, according to European Central Bank board member Fabio Panetta.

The Italian economist, in the blog, said that “enormous energy consumption” in cryptocurrency mining and the associated carbon emissions could undermine the achievement of the UN’s sustainable development goals.

“Even a single Bitcoin already consumes more electricity than the Netherlands. The control and limitation of the environmental impact of cryptoassets, including through regulation and taxation, must become part of the global discussion,” Panetta said.

Earlier, despite criticism of cryptocurrency mining for alleged environmental damage, a study by the Cambridge Centre for Alternative Finance at the University of Cambridge showed that 76% of miners use renewable energy resources.

Experts from Square and ARK Invest believe that the Bitcoin mining industry could contribute to the transition to “green energy”.