Unregulated Data Centres Fuel Cryptocurrency Mining Frenzy

Data centres are increasingly being used for cryptocurrency mining and trading, but many of these facilities operate entirely unregulated. In fact, thousands of cryptocurrencies are mined and traded by data centres with no oversight whatsoever.

A recent article noted that the owners of these centres will struggle to generate a return on their investment due to the enormous energy consumption required for cryptocurrency mining, which consumes 30-40% of the total energy consumed by both traditional and AI data centres. This is particularly concerning given that data centres currently account for two per cent of the world's electricity supply.

The author argues that relying solely on cryptocurrency could lead to chaos, as there would be no paper trails to follow and investors would have difficulty proving their assets exist in the first place. Furthermore, the use of encrypted money makes it nearly impossible to track transactions or identify potential issues.