Share this article
ECB's Panetta Claims Bitcoin Threatens Global Sustainability Efforts
“Bitcoin alone is already consuming more electricity than the Netherlands,” Panetta said.
Updated Sep 14, 2021, 12:53 p.m. Published May 11, 2021, 3:51 p.m.
European Central Bank (ECB) executive board member Fabio Panetta said the mining of cryptocurrencies such as bitcoin is a threat to global sustainability efforts.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- In a blog post Tuesday, the Italian economist and ECB executive said the “enormous energy consumption” and associated carbon dioxide emissions of crypto-asset mining could undermine global sustainability efforts.
- The ECB acknowledged that the COVID-19 pandemic has helped push down carbon dioxide emissions, but that is temporary. Still, crypto mining poses potential harm, Panetta said.
- “Bitcoin alone is already consuming more electricity than the Netherlands. Controlling and limiting the environmental impact of crypto assets, including through regulation and taxation, should be part of the global discussion,” said Panetta in a statement.
- In March, ECB’s President Christine Lagarde told Bloomberg, there are plans to roll out a digital euro within four years if policymakers give the project the green light this summer.
Read more: A Digital Euro Must Protect Privacy, ECB Public Survey Reveals
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
