Bitcoin’s Power Consumption is ‘Staggering’ and Concerns Large Investors, Says Kleinwort Chief Investment Officer | Motto News | Finance and business News

Bitcoin mining uses large amounts of electricity

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• Bitcoin uses a “staggering” amount of energy each year, said the investment director of British private bank Societe Generale.
• Fahad Kamal said this means bitcoin conflicts with the new emphasis on environmental investing.
• Still, proponents say bitcoin mining can be powered by renewable energy.
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Bitcoin’s energy consumption is a key factor that makes cryptocurrency unattractive to institutional investors, said the investment director of British private bank Societe Generale.

“We are very alarmed, I’m sure the others are, by…

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