Why the debate about crypto's energy consumption is flawed

Mar 23, 2022

Crypto addresses a lack of economic freedom, and provides an essential service to people living in countries with unstable economies Image: David McBee for Pexels

Evin Cheikosman

Policy Analyst, Crypto Impact and Sustainability Accelerator, World Economic Forum

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In emerging economies like Kenya, Vietnam, Venezuela, and Brazil, the cost and bureaucracy of legacy financial systems, unstable monetary governance, and currency devaluation drive many people to adopt cryptocurrencies

Household tumble dryers in the U.S. consume 108 TWh of energy a year, while Bitcoin uses 62 TWh a year

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