Bitcoin – the environmental cost explained

Of all the things to destabilise Bitcoin... it turns out the environment has been a key factor. 

 

The digital currency has seen some wild price drops over the last two weeks. It peaked at 63,000 USD in mid-April and since then it’s dropped as low as $31,000.  Dr Sean Foley, Associate Professor of Finance at Macquarie University, joins us to explain why.

 

Dr Foley says mining for Bitcoin around the world, currently consumes half the electricity of Australia’s entire yearly usage.  Could the environment bring about Bitcoin’s demise?

 

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