Christine Lagarde: mining consumes too much energy

Director of the International monetary Fund (IMF) Christine Lagarde is concerned about the increasing electricity consumption as a result of «too intense mining». She announced at the world economic forum in Davos.

«The process of bitcoin mining, which increases dct consumes too much energy is bad for energy,» Lagarde said.

She noted that the amount of electricity consumed by the bitcoin miners this year, already can be compared with the volume of energy of Argentina.

According to Bloomberg, the collective energy consumption of mining industry of bitcoin has tripled in 2017 from a peak consumption in December is 43 GW*h.

According to Bloomberg New Energy Finance, the energy consumption for mining bitcoins over the past year tripled to reach 43 gigawatts-hours a day. Many analysts and environmentalists are also sounding the alarm for this reason.

«At a time when the climate changes so that we can see how much coal is used in some provinces of China for mining bitcoin. This is of great concern,» – said Lagarde.

However, according to a recent Credit Suisse report, the consumption of electricity miners will increase to until mining will be profitable.

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