Fitch Rating, one of the three largest credit rating agencies in the world, said that rapidly growing crypto mining could negatively impact energy markets.
Fitch Rating, February 21 in its report published on that the rapidly growing cryptocurrency mining sector may affect the energy markets. and that it can divert electricity from other sectors to this field, especially in developing countries. told. The company also added that with the global demand for cryptocurrencies and mining increasing, the ecosystem has estimated global electricity last year. 0.4% to %oneHe mentioned that he had consumed his
With its increasing popularity and adoption, the energy need it uses is increasing in direct proportion. Bitcoin (BTC), power demand per year 125 terawatt-hours guessing that Fitch in the report;
The uncontrolled growth of energy demand of unregulated cryptocurrencies could affect the energy sector, as the lack of transparency makes it difficult to plan investment in power generation and networks.
made statements.
The report also government regulators their effects on financial markets, their use in illegal activities, their relationship with energy markets and the resulting environmental impacts because of to cryptocurrencies increased their focus.
Fitch also underlined that Europe is calling to ban energy-intensive “proof-of-work” crypto mining and is moving towards less energy-consuming “proof-of-stake” mining.
The company said it may be necessary to register mining centers, locate farms close to renewable energy sources, and reduce electricity use by miners during peak hours to avoid heavy energy consumption.
After China banned crypto trading and mining last year, miners To Russia, Kazakhstan, Canada and USA After the move, some newly established mining farms overloaded the power grids and caused supply disruptions.