{"id":3296,"date":"2022-11-23T00:00:00","date_gmt":"2022-11-23T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/3296\/ftx-bitcoins-climate-crash\/"},"modified":"2024-11-22T05:50:10","modified_gmt":"2024-11-22T05:50:10","slug":"ftx-bitcoins-climate-crash","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/ftx-bitcoins-climate-crash\/","title":{"rendered":"After the #CryptoCrash, Will Bitcoin\u2019s Climate Crash Be Next?"},"content":{"rendered":"

The FTX crash must be a wake up call for blockchain investors: clean up your act, and your pollution, or Bitcoin will become just another obsolete technology in the dustbin of history.<\/span><\/p>\n

If you\u2019ve been watching the news, you\u2019ve probably heard about the implosion of FTX, the world\u2019s second largest cryptocurrency exchange. On its face, this story might feel like another story about a financial scandal \u2014 but dig a little deeper, and the potential implications for crypto markets, and our climate, are major.<\/span><\/p>\n

The bottom line is this:<\/b> a lot of ordinary folks lost a lot of money this year on cryptocurrency, and with the demise of FTX, could lose a lot more. People are scrambling, scared, and they are wondering if they can trust any cryptocurrencies ever again.<\/span><\/p>\n

This carries major implications for the crypto trading giants that remain: the huge potential impact of the hidden financial risks and liabilities from climate pollution they are carrying off their balance sheets. We believe this real risk should be acknowledged and that, to address it, crypto trading platforms should champion a change to Bitcoin\u2019s energy-wasting code.<\/b><\/p>\n

In short, this is an opportunity not to look backwards at the FTX collapse, but a call for the industry to learn from this latest shock and proactively address the looming problem of its climate impact.<\/span><\/p>\n

Here\u2019s what we know:\u00a0<\/b><\/p>\n