Campaigners against climate change have been shocked with a new statistic from Cambridge University researchers who have revealed that Bitcoin mining now consumes more energy than the entirety of Argentina, around 121.36 terawatt-hours a year. Bitcoin is a blockchain cryptocurrency that relies on verifications from computers within its network to maintain the integrity of transactions within the system. Computers that partake in this process are sporadically rewarded with the bitcoin currency, and this process is known as ‘mining’.
On Thursday, American stock trading app Robinhood halted buying into several firms including Gamestop and AMC Cinemas who had seen exponential investment in recent weeks. The app stated that the high rates of investment were causing ‘market volatility’ that necessitated their interference.
China intensified its regulatory campaign last week after an investigation into Jack Ma’s Alibaba group concluded that the conglomerate had been utilizing “monopolistic practices”.