There is now a TLDR version of this article that can be found here.

Introduction

In the grand ballroom of global finance, a new dancer has taken the floor, touted to revolutionise finance.¹ Its moniker: Cryptocurrency. A creature of code and chaos, twirling through the digital ether to the rhythm of blockchain beats. Yet, as it dances, it leaves a trail of environmental discord that cannot be overlooked.²

The Cryptic Waltz and Its Environmental Echo

Cryptocurrency, the cryptic sojourner, traverses the blockchain’s stage—a decentralized ballet inscribed upon a legion of machines. The birth of new coins, the validation of exchanges—a  mining ritual—commands an orchestra of computational power and voracious energy consumption. Bitcoin, the sovereign of this digital masquerade, devours an estimated 140 Terawatt-hours (TWh) of electricity each year.³ A solitary act that eclipses the power consumption of some sovereign States. The aftermath? A deluge of 77 kilotons of electronic detritus,⁴ the forsaken regalia of Bitcoin’s unyielding crusade.

The Global Stage and Its Rising Curtain

The environmental footprints left by this virtual procession are not mere ephemeral traces. They are indelible scars upon the world’s canvas, contributing to the foreboding tableau of climate change. The energy consumed in the crypto disco emits approximately 65 megatons of carbon dioxide into our atmosphere annually.⁵ Yet, the congregation swells. The global crypto market is projected to reach $4.94 billion by 2030.⁶ Without a change in this digital ballet, the environmental impact of cryptocurrencies could transform from a pas de deux to a full-blown danse macabre.  Thus, we beckon the rise of the curtain on this grand narrative, to scrutinise the odyssey of cryptocurrency under the lumière of environmental sustainability.

On a serious note, the environmental impact of cryptocurrency mining is significant given the urgent need to reduce carbon emissions to mitigate the effects of climate change, and the rise in crypto mining operations combatting such efforts. Despite accounting for a small percentage of financial transactions, cryptocurrencies have a far greater environmental impact than the traditional financial transaction system.⁷  The energy consumption associated with cryptocurrency mining contributes to carbon emissions.⁸ Moreover, the aforementioned crypto market growth, indicates that without intervention, the environmental impact of cryptocurrencies will likely increase, pushing us further away from sustainability targets. Therefore, understanding and addressing the environmental effects of cryptocurrencies is crucial in the broader context of environmental sustainability given that everybody and their mother is seemingly involved somehow within the crypto space.

Cryptocurrency Mining and Environmental Degradation 

Cryptocurrency mining, particularly Bitcoin mining, is an energy-intensive process due to the complex computations involved in securing transactions.⁹ This energy consumption has a significant environmental impact, with some cryptocurrencies using as much energy as small countries to maintain a blockchain.¹⁰ Roughly 0.63% of global electricity use is taken up by Bitcoin mining, with consumption that exceeds countries like Pakistan and Ukraine.¹¹ Importantly for our context, the process results in carbon emissions, as about half of the electricity used is generated through fossil fuels.¹² The production of specialized computer hardware for mining, which is known to have a short lifespan, also results in electronic waste (press here to jump to that section).

Examples of Energy Consumption

The United States accounts for 37.84% of Bitcoin mining activities, thus they have seen a rapid growth in electricity demand associated with cryptocurrency mining.¹³ Preliminary estimates suggest that annual electricity use from cryptocurrency mining represents from 0.6% to 2.3% of U.S. electricity consumption as of February 2024.¹⁴ There was a huge uptick in the carbon emissions caused by Bitcoin mining after China banned it in 2021. This is because China were taking advantage of the rainy season, utilising cheap and abundant hydropower to mine their Bitcoin.¹⁵ However, after the ban China was out of the race and it resulted in a 31% increase in natural gases used to mine Bitcoin from the other nations.¹⁶ 

Bitcoin though is not the sole culprit. Ethereum, the second-largest cryptocurrency network, was just as reliant on electrical usage for its transactions, which of course produces emissions. Although it is worth noting that since 2022 Ethereum has cut their emissions drastically by moving from Proof of Work to Proof of Stake.¹⁷ These two concepts are veery important to understand as it explains why it is necessary for a virtual currency to require such energy consumption in the first place. As it can be a difficult concept to grasp I will attempt to explain it in simple terms:

Proof of Work

Proof of Work, which was first used by Bitcoin, is a bit like a tough math competition. Miners, or participants, race to solve complex mathematical puzzles. The first one to solve the puzzle gets to add a new block of transactions to the blockchain and is rewarded with new Bitcoins.¹⁸ This method makes it very hard for anyone to cheat or launch a “51% attack” (you can read about that here) because solving the puzzle requires a lot of work.¹⁹ However, this method has its downsides. It requires a significant amount of energy to verify transactions, which is not very environmentally friendly.²⁰ Also, because everyone is competing for the same reward, a small number of powerful mining pools may end up controlling the blockchain.

Proof of Stake

Proof of Stake is a newer method where the validators, or the ones who get to add the new block to the blockchain, are chosen based on how many coins they hold.²¹ The more coins you hold, the higher your chances of being chosen. Unlike Proof of Work, validators in Proof of Stake do not receive a block reward. Instead, they collect network fees as their reward. This method is more cost and energy-efficient than Proof of Work. However, it requires a significant initial investment to hold a large number of coins.²² While Bitcoin remains with Proof of Work, Ethereum transitioned to Proof of Stake, this was known as “The Merge”. It drastically reduced the energy consumption by 99.9%.²³ However, this is still a relatively new system – like most things related to Cryptocurrencies – therefore the full impact and any drawbacks remain to be uncovered.

This “Proof” maintains the security and integrity of blockchain networks, ensure users are honest with transactions, incentivises good behaviour, and make it extremely difficult and expensive for bad actors to cheat. They are key components of how blockchain technology works and are essential to cryptocurrency transactions and security. Bitcoin uses Proof of Work for its robust security, while Ethereum used Proof of Stake to improve scalability. Therefore, despite it being more environmentally friendly to use Proof of Stake, Bitcoin seemingly value the security over anything else. Though it is possible this will change in time, if for example the incentives for utilising a more environmentally friendly method of proof outweighs the need for such robust security.

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It is quite easy to understand why there is so much electronic waste created from crypto mining; the farms (or mines) created exclusively to mine for Bitcoin utilise in very large quantities hardware that is likely to have a short lifespan when worked to the extent they will be. The hardware I am referring is known as a Application-Specific Integrated Circuit (ASIC) mining machine. Typically, these are expected to have a lifespan of at least 5-10 years.²⁴ However, the machine’s profitability is more important. It is estimated these machines will lose their profitability within 2 years,²⁵ meaning they will either be replaced due to lack of profit generation or perhaps replaced sooner due to redundancy due to advancements and evolution of the technology involved.

Will the Halving Help?

The Halving is quite a simple concept. Bitcoin will reduce the amount of Bitcoins that can be created by 50% approximately ever 4 years. From an economic standpoint this works well, as the cap on the currency helps create its value. Thus, when the Halving occurs it can lead to price appreciation if demand is constant. Where the reward for mining in 2009 was 50 Bitcoins, today it is around 3.125.²⁶ Importantly to our topic, some believe that the Halving will help reduce both e-waste and emissions generated, as only the most efficient ASIC’s will be in operation.²⁷ However, it is equally as possible that miners would simply set up more machines to compensate for the limit. Furthermore, some mining operations have moved to countries with cheaper electricity prices to compensate for the increase in cost of operation post-Halving.²⁸ So, although it is possible the continued Halving will help. It is equally possible it will have the opposite effect.

Regulations on Waste

Given that the boom in Cryptocurrency is a relatively new occurrence in the grand scheme, it is no surprise that the regulations from most countries in regard to technological advancements is poor. Cryptocurrency is no different, and any legal ramifications would likely have to follow the closest related laws. Generally, e-waste is not well documented, most reports regarding the amount are from 2021, a quickly outdated number given the speed the Cryptocurrency industry grows. Without any intervention within law making, miners and companies offering mining services would have to follow the current regulations regarding hardware life cycles and reuse by, for example, following the EU’s Waste from Electrical and Electronic Equipment (WEEE) Directive.²⁹ This aims to protect the environment and human health from electronic waste, as well as improving the efficiency of hardware use to ensure sustainability. However, it only “encourages” reuse of material, it does not mandate it. Thus, from a profit standpoint, it is unlikely mining companies would choose the option that will net them less. As Kurt Vonnegut put it, “We’ll go down in history as the first society that wouldn’t save itself because it wasn’t cost effective.”

How to Incentivise Sustainability in the Crypto Space?

There has been some movement towards utilising sustainable practices. For example, Paypal have introduced “crypto-economic” rewards. In short, miners using low-carbon energy sources would be rewarded additional BTC for their sustainable transactions.³⁰ This initiative suggests that Paypal, and hopefully other companies willing to follow suit, are following the trend of addressing environmental, social and governance issues (ESG). Sustainable practice in the crypto space is an important step in this regard, as demonstrating dedication to sustainability is something that has become more and more necessary. This shift towards sustainable practices in the crypto industry not only helps reduce its environmental impact but also sets a precedent for other industries to follow. It’s a clear indication that businesses can thrive while also prioritizing sustainability and social responsibility. Moreover, the adoption of sustainable practices in the crypto industry could potentially lead to a significant reduction in e-waste and carbon emissions. By incentivising miners to use low-carbon energy sources, companies like PayPal are not only promoting sustainability but also encouraging innovation in the field. This could lead to the development of more energy-efficient mining technologies and practices, further reducing the environmental impact of cryptocurrencies. However, it’s important to note that while these initiatives are a step in the right direction, they are not a panacea. The crypto industry as a whole needs to take more comprehensive measures to address its environmental footprint. This includes improving transparency around energy use, investing in renewable energy sources, and supporting research and development into more sustainable blockchain technologies.

Legal Aspects

The important part, the legal realm of cryptocurrency. It is worth noting that laws typically take a very long time to catch up to technology, slower in some countries than others. Thus, it can be a tricky area to look into, especially from a solely environmental perspective. For this section I may expand beyond the limit of the environment. This is because there are many articles, including this one, that cover and scrutinise the lack of policy in place to protect the environment from cryptocurrency mining and its effects. This is simply because very little exists as binding legal instruments, bar the few mentioned already. This is not to say that there are not regulations being put in place regarding cryptocurrency as a whole. The short history and some of the cases witnessed in this short space of time, such as the Ripple Labs Inc case,³¹ or the collapse of FTX³² have only highlighted the urgency for regulation.

United Kingdom and the European Union

As of February 2023 the United Kingdom aimed to put regulations in place that would mirror those of traditional finance.³³ Since then there has been great movement towards this goal, so far the UK has focused mainly on protecting consumers and combating financial crime through the Financial Conduct Authority (FCA). They have imposed regulations on money laundering and counter-terrorist financing,³⁴ as well as prohibiting the sale of exchange-traded notes (cETNs) and derivatives backed by crypto-assets to retail customers.³⁵ The government also plans to establish equivalence measures for overseas crypto entities, allowing them to apply for UK authorisation. The UK is paving the way for a comprehensive regulatory regime, albeit they are moving a more steady and methodical pace, to rival those in other jurisdictions with early-mover advantages. Though outside of these small moves, the UK is largely unregulated in crypto-assets,³⁶ with very few activities under “specified investments” having been authorised under the FSMA.³⁷ Though despite the general lack of regulation the FCA has been extremely active in enforcing their new rules, particularly those around the marketing of cryptoassets.³⁸ They have already issues hundred of warnings, preventing any non FCA-authorised promotions within just a month of the restriction being imposed.³⁹ Recently, the FCA has issued guidance on marketing, particularly with the growing trend of celebrity backed crypto investments and the chaos that has caused in various cases. Going forward the FCA aims to create a more robust regime regarding market abuse.

As mentioned, the UK is behind some of the early-movers. The EU is one of those early-movers. They were the first to create a very comprehensive set of regulations mid-2023 with the Markets in Crypto-Assets Regulation (MiCA).⁴⁰ This regulation institutes uniform EU market rules for crypto-assets. The regulation covers crypto-assets that are not currently regulated by existing financial services legislation, and attempts to make providers liable for losses of investor’s assets. The hope is that with such a robust and comprehensive regulation, it can act as a guide for other nations to follow and equip a similar regulation to standardise such a decentralised topic. The MiCA Regulation introduces a common taxonomy of crypto-assets and sets out a harmonised set of rules applicable to issuers and offerors of crypto-assets, as well as a harmonised authorisation framework for entities providing regulated crypto-asset services in the EU, such as crypto-exchanges and wallet providers. It also tries to differentiate between three types of crypto-assets, each subject to a separate set of regulatory requirements. These being: asset-referenced tokens, e-money tokens and “other” crypto-assets (those falling outside of the first two categories). It will come into force in two stages. Stage one, regulating stablecoins, will begin June 2024, while the harmonised rules for crypto-assets will come into force December 2024.⁴¹ The MiCA Regulation will start to apply in two phases. The part of the regulation containing specific rules applicable to the two types of stablecoins (asset-referenced and e-money tokens) will start to apply as of 30 June 2024. The harmonised rules applicable to crypto-asset service providers will start to apply as of 30 December 2024.⁴²

United States and Canada

The United States is a bit more difficult given each state may have its own set of rules and regulations, assuming there are no federal laws passed in this regard. New York, for example, is the first state to take action against cryptocurrency, particularly against its impact on the environment. A two-year moratorium has been applied to facilities utilising carbon-based fuel in crypto operations.⁴³ This law is particularly focused on currencies that utilise the previously discussed “Proof of Work”, such as Bitcoin. The reason for this legal development is due to other state obligations, in particular, those related to emissions and climate change mitigation goals. For the same reasons, several provinces within Canada have also placed regulations on energy usage regarding cryptocurrency mining.⁴⁴

Though New York is not the only state to pass laws related to ctypto mining, they are one fo the few to pass laws aimed at limiting carbon emissions. States like Texas, Montana, Missouri and Mississippi have all passed laws and bills related to crypto. However, their laws seem to relate more toward protecting miners from local government interference.⁴⁵ Massachusetts on the other hand, has followed New York closely and introduced the Crypto Asset Environmental Transparency Act,⁴⁶ which will require the Environmental Protection Agency (EPA) to conduct a comprehensive impact study of any crypto-mining operations, as well as reporting duties of greenhouse gas emissions caused by said operations producing more than 5 megawatts of power.⁴⁷

Heading East

China, despite being the worlds number one polluter, has placed the most rigid regulations on cryptocurrencies, effectively banning it completely. They have proclaimed their reasoning not to be due to lack of capacity to control or manage, but the much more noble goal of reducing carbon emissions.⁴⁸ It is worth noting though, “Bitmain” is the largest producer of ACIS machines (covered earlier) and Bitmain happens to be founded and have its headquarters based in Beijing, China.⁴⁹ However, despite this, publicly their reasoning is to the benefit of the environment. Aside from China, few regulations in Asia have been put in place, especially any that mirror those of the EU. A study conducted under Washington University Global Studies Law Review have graciously laid out the legality of cryptocurrencies in each Asian country in case you wish to search for a specific country.⁵⁰ However, I will only cover a select few briefly.

Thailand possess the most clear-cut regulations.⁵¹ It is completely legal with restrictions on use within the banking sector.⁵² They categorise digital assets as cryptocurrencies or digital tokens.⁵³ The law regulates two activities: (1) the offering of Digital Tokens to the public in the primary market, and (2) the operation of Digital Asset Businesses in the secondary market.⁵⁴ Restrictions are placed on issuers, investors, financial institutions, and other parties based on these categories. There are restrictions on payments with digital assets (since 2022) as well as deposit taking and lending services (since 2023).⁵⁵ In July 2019, the country approved four new cryptocurrency service providers to facilitate the first legal launch of an Initial Coin Offering (ICO) and the Securities and Exchange Commission (SEC) regulations followed suit to facilitate the growth of digital assets.⁵⁶ There are also listed rules on prohibited digital assets, those being: Meme and Fan tokens, NFTs, tokens issued by digital asset exchanges, and also privacy coins.⁵⁷

Japan has become more welcoming after previously being restrictive towards token listings.⁵⁸ Due to a huge crypto scandal in 2014, Japan offered a regulatory regime as response. Updated in 2017 with the Payment Services Act, it required all cryptocurrency exchanges to register and protect their customers. This has positioned Japan as a leader in accepting cryptocurrency and blockchain technology, even allowing political donations in cryptocurrency and pioneering a SWIFT-like network for cryptocurrencies.⁵⁹ However, increased regulatory attention may be making cryptocurrency trading more difficult, potentially leading to a decline in its usage.⁶⁰

Vietnam allow for holding and trading but “virtual assets” or cryptocurrencies are off-limits as payment tools. A high-profile scam in 2018 led to a government mandate to clamp down on virtual asset usage.⁶¹ Yet, in the face of adversity, a cryptocurrency exchange has sprung up, its legality dancing on the edge of these stringent laws.⁶² The existence of this exchange throws a lot of ambiguity into Vietnam’s approach. Though as for 2024 and going into 2025, despite Vietnam’s prohibition on using cryptocurrencies as legal tender, trading and investing in cryptocurrencies are not explicitly illegal, they just occur without legal protection.⁶³ The Vietnamese government is expected to develop a regulatory framework by May 2025,⁶⁴ the expectation being to ban the use of cryptoassets to avoid money laundering.⁶⁵

Here is a super quick summary of each nation in Asia’s approach: China and Brunei have complete restriction; Myanmar and Laos have offered no regulations; Cambodia and Vietnam are vague on their regulatory approach; Philippines, Malaysia, Indonesia, South Korea and Taiwan have relatively protective regulatory approaches on usage, but also have a cautious approach; finally Japan, Hong Kong, Singapore and Thailand are all proactive in their regulations, with a very liberal approach.⁶⁶

Legal grey areas in the realm of digital assets are prevalent, with numerous countries, including Brunei and the majority of African nations, operating without clear regulations. Out of Africa’s 54 countries, a mere six have enacted significant legislation outlining their stance on cryptocurrency.⁶⁷ This lack of regulation extends to both general usage and environmental implications. The environmental uncertainty can potentially lead to a myriad of issues. Without clear guidelines, the environmental impact of digital asset operations remains unchecked, potentially exacerbating climate change and other environmental concerns. On a broader scale, this regulatory ambiguity can create dilemmas for all parties involved. Regulators, in the absence of specific laws, may resort to applying existing laws that bear the closest resemblance to the unregulated digital asset activities. Meanwhile, users may find themselves in a precarious position, uncertain if their actions could be deemed illegal. In essence, the absence of clear-cut regulations not only fuels uncertainty but also hampers the potential for sustainable practices in the digital asset landscape. Therefore, the development of comprehensive and effective regulations is crucial for mitigating environmental impact and fostering a secure and sustainable digital asset ecosystem.

Decarbonising Cryptocurrency – Conclusion

The transformation of the cryptocurrency landscape towards a more sustainable future is not quite so bleak as it might seem. There has already been a great push towards sustainability as suggested by both the Proof of Stake transition, and regulations like the EU’s WEEE. A significant portion of energy used for crypto mining now comes from renewable sources. The push to mainstream Bitcoin and regulate cryptocurrency markets is likely to spur research into reducing the cost of storing renewable energy. A key focus in this green transition is the adoption of eco-friendly consensus mechanisms. As mentioned there is Proof of Stake, but also renewable resources such as wind, solar, and hydropower are increasingly being harnessed to reduce the carbon footprint of cryptocurrency mining. Currently, 57% of the energy used for crypto mining comes from renewable sources. This progress is further amplified community initiatives and technological advancements. As these are playing a crucial role in this green transition. For example, Ripple, a cross-border payment solution, has committed to becoming carbon net-zero by 2030 by partnering with the Energy Web Foundation and investing in carbon-removal technologies. Thus, the responsible development and regulation of digital assets will be crucial for a green economy. As the cryptocurrency landscape continues to evolve, it is clear that sustainability is not just an option, but a necessity for the future of digital assets.

References

1. Olga Martynov, ‘Sustainability Analysis of Cryptocurrencies Based on Projected Return on Investment and Environmental Impact’ Harvard Master’s Thesis (2020) https://dash.harvard.edu/bitstream/handle/1/37365412/martynov-document-2020.pdf?sequence=1 ↩︎
2. ibid ↩︎
3. ‘Crypto ETF drags ESG into wildly volatile world of Bitcoin‘ The Business Times (2023) https://www.businesstimes.com.sg/wealth/crypto-etf-drags-esg-wildly-volatile-world-bitcoin ↩︎
4. Nathan Reiff, ‘What’s the Environmental Impact of Cryptocurrency?’ Investopedia (2023) https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/ ↩︎
5. ‘Crypto mining can retire fossil fuels for good. Here’s How‘ World Economic Forum (2022) https://www.weforum.org/agenda/2022/08/cleaning-up-cryptocurrency-mining/#:~:text=In%20early%20May%20this%20year,into%20the%20atmosphere%20every%20year (2022) ↩︎
6. ‘Cryptocurrency Market to Garner $4.94bn, by 2030…‘ Allied Analytics LLP (2023) https://finance.yahoo.com/news/cryptocurrency-market-garner-4-94-130500142.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAITuLZ39Dlv5bbA6QDYsIk0Iy9nG1PjPT10qb0kegE_8BOamVJ_F-bwcqqGAwf8HSq42VIbHpwKBt1acQ_I5A5s0B1w4EwDTWwoFzl77KFmQkb8MjFV_K5M1000FpGUJXR85Yq5HAP49Eqjt7F5jcga5dgRXt-CgPMiN_TWeXWWN ↩︎
7. Md Abu Bakar Siddik, Maria Amaya, Landon T. Marston, ‘The Water and Carbon Footprint of Cryptocurrencies and Conventional Currencies‘ Journal of Cleaner Production, Vol 411 (2023) https://www.sciencedirect.com/science/article/abs/pii/S0959652623014269 ↩︎
8. Jim Probasco, ‘Federal Report Warns of Crypto’s Environmental Impacts‘ Investopedia (2023) https://www.investopedia.com/crypto-s-climate-impact-6544631 ↩︎
9. Nathan Reiff ‘What’s the Environmental Impact of Cryptocurrency?‘ Investopedia (2023) https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/ ↩︎
10. ibid ↩︎
11. ibid ↩︎
12. Mark Morey, Glenn McGrath, and Hiroaki Minato, ‘Tracking Electricity Consumption from U.S. Cryptocurrency Mining Operations‘ U.S. Energy Information Administration [2024] https://scienceforgeorgia.org/wp-content/uploads/2024/02/Tracking-electricity-consumption-from-U.S.-cryptocurrency-mining-operations-U.S.-Energy-Information-Administration-EIA.pdf ↩︎
13. ibid ↩︎
14. ibid ↩︎
15. Jeremy Hinsdale, ‘Cryptocurrency’s Dirty Secret: Energy Consumption‘ Columbia Climate School (2022) https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/ ↩︎
16. ibid ↩︎
17. Amy Castor, ‘Ethereum moved to proof of stake. Why can’t Bitcoin?‘ MIT Tech Review (2023) https://www.technologyreview.com/2023/02/28/1069190/ethereum-moved-to-proof-of-stake-why-cant-bitcoin/ ↩︎
18. Simon Chandler, ‘Proof of Stake Vs. Proof of Work: What’s the Difference?’ Business Insider (2024) https://www.businessinsider.com/personal-finance/proof-of-stake-vs-proof-of-work ↩︎
19. ibid ↩︎
20. Mike Antolin, ‘Proof of Work vs. Proof of Stake: What Is the Difference?’ CoinDesk (2022) https://www.coindesk.com/learn/proof-of-work-vs-proof-of-stake-what-is-the-difference/ ↩︎
21. Chandler (n 18) ↩︎
22. Antolin (n 20) ↩︎
23. Arijit Sarkar, ‘The Merge Brings Down Ethereum’s Network Power Consumption by Over 99.9%‘, Cointelegraph (2022) https://cointelegraph.com/news/the-merge-brings-down-ethereum-s-network-power-consumption-by-over-99-9 ↩︎
24. Peter Davis, ‘How to Maximise Your ASIC Miner Lifespan‘ (2023) https://asicmarketplace.com/blog/how-to-maximize-your-asic-miner-lifespan/ ↩︎
25. Alex de Vries, Christian Stoll, ‘Bitcoin’s Growing E-Waste Problem’ Resources‘ Conservation and Recycling, Vol 175 (2021) ↩︎
26. ‘Bitcoin’s E-Waste Problem is Hiding in Plain Sight‘ Green Peace (2024) https://www.greenpeace.org/usa/bitcoins-e-waste-problem-is-hiding-in-plain-sight/ ↩︎
27. W Jalink, D Stefanoski, B Banusch, ‘Major Milestone in the Crypto Asset Market: The Bitcoin Halving Explained’ EY (2024) https://www.ey.com/en_ch/blockchain/the-bitcoin-halving-explained ↩︎
28. David Pan, ‘Bitcoin ‘Halving’ Spurs Exodus of Old US Mining Computers Abroad’ Bloomberg (2024) https://www.bloomberg.com/news/articles/2024-03-23/bitcoin-halving-spurs-exodus-of-old-us-mining-computers-abroad ↩︎
29. Directive 2012/19/EU of the European Parliament and of the Council of 4 July 2012 on waste electrical and electronic equipment (WEEE) https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012L0019-20180704 ↩︎
30. Martin Young, ‘PayPal proposes ‘cryptoeconomic’ rewards for sustainable Bitcoin miners’ Coin Telegraph (2024) https://cointelegraph.com/news/pay-pal-proposes-cryptoeconomic-rewards-sustainable-bitcoin-miners ↩︎
31. Kevin George, ‘SEC v Ripple‘ Investopedia (2024) https://www.investopedia.com/sec-vs-ripple-6743752 ↩︎
32. Nathan Reiff, ‘The Collapse of FTX: What Went Wrong with thte Crypto Exchange?‘ Investopedia (2024) https://www.investopedia.com/what-went-wrong-with-ftx-6828447 ↩︎
33. HM Treasury, ‘UK Sets Out Plans to Regulate Crypto and Protect Consumers’ GOV.UK (2023) https://www.gov.uk/government/news/uk-sets-out-plans-to-regulate-crypto-and-protect-consumers ↩︎
34. ‘Cryptoassets: AML / CTF Regime’ Financial Conduct Authority (2019-Updated 2024) https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime#section-scope-of-cryptoasset-services ↩︎
35. ‘FCA Updates Position on Cryptoasset Exchange Traded Notes for Professional Investors‘ Financial Conduct Authority (2024) https://www.fca.org.uk/news/statements/fca-updates-position-cryptoasset-exchange-traded-notes-professional-investors#:~:text=The%20FCA%20continues%20to%20believe,high%20risk%20and%20largely%20unregulated. ↩︎
36. Paul Staples, Precious Asolo, ‘What’s next for UK cryptoassets regulation?’ Grant Thorton (2024) https://www.grantthornton.co.uk/insights/whats-next-for-uk-cryptoassets-regulation/#:~:text=Notably%2C%20the%20Financial%20Conduct%20Authority,crypto%20derivatives%20to%20retail%20consumers ↩︎
37. Financial Services and Markets Act 2000 (FSMA), No.544 [2001] Part III, Specified Investments: https://www.legislation.gov.uk/uksi/2001/544/part/III/made ↩︎
38. ‘FCA Introduces Tough New Rules for Marketing Cryptoassets‘ Financial Conduct Authoirty (2023) https://www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassets ↩︎
39. Staples, Asolo (n 36) ↩︎
40. Markets in Crypto-Assets Regulation (MiCA) [2023] https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica ↩︎
41. Miroslav Duric, Verena Ritter-Doring, ‘Markets in Crypto-Assets (MiCA) Regulation: The Way Ahead‘ Taylor Wessing https://webadmin.taylorwessing.com/en/insights-and-events/insights/2024/04/markets-in-crypto-assets-regulation ↩︎
42. ibid ↩︎
43. Linda K Breggin, ‘New York First State to Curb Footprint of Cryptocurrencies’ Env Law Institute (2023) https://www.eli.org/taxonomy/term/20723 ↩︎
44. ibid ↩︎
45. Ben Strack, ‘In US Crypto Mining Regulation, Where do the States Stand?‘ Blockworks (2023) https://blockworks.co/news/us-crypto-mining-regulation-states ↩︎
46. S.661 Crypto-Asset Environmental Transparency Act [2023] https://www.congress.gov/bill/118th-congress/senate-bill/661 ↩︎
47. ‘Senator Markey Introduces Legislation To Combat Energy-Intensive Cryptomining As It Strains Grid, Undermines U.S. Climate Goals‘ ED Markey (2022) https://www.markey.senate.gov/news/press-releases/senator-markey-introduces-legislation-to-combat-energy-intensive-cryptomining-as-it-strains-grid-undermines-us-climate-goals ↩︎
48. Vince Dioquino, ‘China Intensifies Crackdown on Crypto Mining, US and EU Study New...’ Crypto Briefing (2024) https://cryptobriefing.com/china-intensifies-crackdown-crypto-mining-us-eu-study-regulations/ ↩︎
49. Bitmain https://www.cbinsights.com/company/bitmain-technologies ↩︎
50. Clark Sonksen, ‘Cryptocurrency Regulations in ASEAN, East Asia, & America: To Regulate or Not To Regulate‘ Vol 20 (2021) https://journals.library.wustl.edu/globalstudies/article/id/8684/download/pdf/ ↩︎
51. Komkrit Kietduriyakul, Kullarat Phongsathaporn, ‘A Complete Guide to the Regulations on Cryptocurrency and Digital Token Offering in Thailand‘ Baker Mckenzie (edn 2023) https://www.bakermckenzie.com/-/media/files/insight/guides/2023/guide-to-regulation-on-cryptocurrency-and-digital-token.pdf?sc_lang=en&hash=964D4E24866C240B691FC95B484B5265 or https://www.bakermckenzie.com/en/insight/publications/guides/guide-to-cryptocurrency-in-thailand ↩︎
52. ibid ↩︎
53. ibid ↩︎
54. ibid ↩︎
55. ibid ↩︎
56. ibid ↩︎
57. ibid ↩︎
58. Guneet Kuar, ‘An overview of the cryptocurrency regulations in Asia‘ Cointelegraph (2024) https://cointelegraph.com/learn/an-overview-of-the-cryptocurrency-regulations-in-asia ↩︎
59. Takahiko Wada, ‘Japan to Lead Development of SWIFT Network for Cryptocurrency – Source‘ RETUERS (2019) https://www.reuters.com/article/technology/japan-to-lead-development-of-swift-network-for-cryptocurrency-source-idUSKCN1UD084/#:~:text=TOKYO%20(Reuters)%20%2D%20Japan’s%20government,the%20plan%20said%20on%20Thursday ↩︎
60. Sonksen (n 50) ↩︎
61. ibid ↩︎
62. Yashu Gola, ‘Vietnam to Get Its First Ever Cryptocurrency Exchange-But Is It Legal?’ CNN (2021) https://www.ccn.com/vietnam-to-get-its-first-ever-cryptocurrency-exchange-but-is-it-legal/ ↩︎
63. Laura Dobberstein, ‘Vietnam May Ban Virtual Assets to Fix its Bad Rep for Money Laundering‘ The Register (2024) https://www.theregister.com/2024/03/01/vietnam_crypto_regs/ ↩︎
64. ‘Vietnam’s Path to Crypto Regulation by 2025: A Governmental Necessity‘ Hudson Reporter (2024) https://hudsonreporter.com/investing/vietnam-crypto-regulation/ ↩︎
65. Dobberstein (n 63) ↩︎
66. Sonksen (n 50) ↩︎
67. Olga Martynov (n 1) ↩︎