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Bitcoin's energy use is 'staggering' and a worry for big investors, Kleinwort investment chief says

Bitcoin's energy use is 'staggering' and a worry for big investors, Kleinwort investment chief says

Bitcoin mining uses vast amounts of electricity
Olga Maltseva/Getty Images



Bitcoin uses a "staggering" amount of energy each year, the chief investment officer of Societe Generale's UK private bank said.



Fahad Kamal said it means bitcoin clashes with the new focus on environmental investing.



Yet advocates say that bitcoin mining can be powered by renewable energy.



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The energy use of bitcoin is a key factor that makes the cryptocurrency unattractive to institutional investors, the chief investment officer of SociA©tA© GA©nA©rale's UK private bank has said."We are very alarmed, I'm sure as others are, by the environmental aspects of bitcoin," Fahad Kamal, the investment boss at SocGen's Kleinwort Hambros bank, told Insider. He said the energy it used was "staggering."Estimates from the University of Cambridge suggest that bitcoin uses more electricity each year than Argentina and Ukraine, due to the energy-intensive mining process.As the price of bitcoin has soared in recent months, a number of investors have raised questions over bitcoin's energy consumption. Yet others argue that bitcoin increasingly uses renewable energy - and will do so more in the future.
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