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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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?
TODAY'S HEADLINES
Victoria bracing for more restrictions as government considers lockdown
Holgate backs Senate bid to have PM apologise
Uncertainty over Melissa Caddick’s remains
Shell ordered to cut emissions by Dutch court
Follow The Briefing
Instagram: @thebriefingpodcast
Facebook: TheBriefingNewsAU
Twitter: @TheBriefingAU
YouTube: http://bit.ly/TheBriefingSUBSCRIBE
See omnystudio.com/listener for privacy information.
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