15 Jun - 2 min read
Cryptocurrency exchange Luno has said that Bitcoin will have a valuable role to play in the future of renewable energy usage, especially as it gets more energy efficient over time. This is because it possesses the potential to replace and combine many existing financial systems in a way that could help to reduce global carbon emissions.
“Currently, 39% of Bitcoin mining is performed with renewable energy and 76% of miners use renewables as part of their energy mix, far more than in other industries. This is because renewable energy is currently cheaper than non-renewable energy. Bitcoin miners will go wherever they can use the cheapest power, and because they are so mobile, they move to regions where power is cheap and clean,” Luno explained in a statement following a virtual media session where its country manager, Aaron Tang dispelled some of the most common myths regarding Bitcoin.
Luno also drew comparisons between the amount of energy used by Bitcoin minors and the financial sector, saying that Bitcoin mining actually consumes only a tiny portion of energy that is currently used by financial institutions.
During the virtual session, Aaron further shed some light on several other Bitcoin myths, including Bitcoin’s lack of intrinsic value, volatility, and potential as an instrument for cybercrimes. “In the past year, cryptocurrencies such as Bitcoin have experienced significant boosts in popularity. This is encouraging to see, but there are persistent misconceptions about Bitcoin, which makes it difficult for new investors to understand this asset class,” he said.
Aaron also commented that Luno is committed to educating the public about cryptocurrency so that they are equipped with the necessary knowledge to invest. He emphasised that the platform is more than just an exchange – it is also a resource to learn about cryptocurrency. “Ultimately, we want to make cryptocurrency accessible to everyone as we believe it has the potential to revolutionise the way the world views and uses money,” he said.
Luno – which is headquartered in London – is the first digital asset exchange (DAX) to be fully approved by the Securities Commission (SC) in 2019. To date, it has achieved a total of eight million users globally.
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