The Environmental Impact of Virtual Asset Technology

[wang hxhx]

Discuss the environmental implications of virtual asset technology, particularly focusing on energy consumption and the carbon footprint associated with mining and transactions. What are the best approaches to address these concerns and promote sustainable practices within the industry?

[Zhan Kang Stephen Wu]

I think it’s undeniable that a lot more energy is consumed due to rise of fintech, but fintech also makes a lot of other parts of transactions and finance more sustainable. Perhaps we may have to focus on the energy sources instead in order to solve the rise in energy consumption and carbon footprint of fintech, for example using renewable energy sources. That way increased energy consumption becomes less of a concern, but still remains a topic we should explore nonetheless.