Gita Gopinath Of IMF Alarmed By Crypto And AI Energy Use, Says Share Expected To Match Japan's Current Power Consumption In Just 3 Years

Benzinga11-18

Gita Gopinath, Deputy Managing Director of the International Monetary Fund, expressed concern over the increasing energy consumption and carbon footprint of cryptocurrency mining and AI data centers, ...

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This would equate to the current consumption of Japan, the world’s fifth-largest electricity user.\nIn the high-case scenario, the share could expand to nearly 6%, while the low-case scenario would see a slight increase to 2.2%.\n\nCrypto mining and data centers together accounted for 2 percent of world electricity demand in 2022. And that share is likely to climb to 3.5 percent in three years. That would be equivalent to current consumption of Japan, the world's fifth largest electricity user. Read more… pic.twitter.com/yOfHoO32dA— Gita Gopinath (@GitaGopinath) November 17, 2024\n\nInterestingly, cryptocurrency mining activity’s share in global CO₂ emissions was projected to decline in 2027, primarily driven by the reduction in mining rewards due to halving. However, data centers’ carbon emissions could reach 450 million tons by 2027, or 1.2% of the world’s total.\nSee Also: Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: ‘This Bull Market Has Just Begun To Broaden Out’\nWhy It Matters:  Gopinath’s concerns come amid the ongoing debate around Bitcoin BTC/USD mining's environmental impact\nAccording to the Cambridge Bitcoin Electricity Consumption Index, the annual greenhouse emissions from Bitcoin mining were higher than in countries like Greece and North Korea.\nHowever, the increasing footprint hasn’t deterred nations from exploring the economic prospects associated with the still-nascent business.\nPresident-elect Donald Trump vowed to make the U.S. the Bitcoin mining hub of the world during his election campaign, while Vladimir Putin’s Russia legalized cryptocurrency mining earlier this year.\nPhoto by CMP_NZ on Shutterstock\nPhoto Courtesy: Shutterstock.com\nRead Next: \n\nMichael Saylor Predicts Bitcoin Boom, Says $100K On The Horizon\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484469122"}