Cryptocurrencies' power trip could cook the planet

The mania for NFTs and rising prices for bitcoin are fuelling demand for electricity – and adding to carbon emissions

Online platform Digiconomist estimates that bitcoin’s total annual electricity consumption is enough to power the Philippines.PHOTO: REUTERS

What has a recent police raid in Johor on power thieves got to do with non-fungible token (NFT) and bitcoin mania?

Everything. In Malaysia and around the globe a growing number of people are trying to cash in on cryptocurrencies by setting up complex computer operations that need huge amounts of electricity.

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