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?

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.