Almost half of Britons want cryptocurrencies banned to fight climate change.

by Chinenye Rachel

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1 Why Britons want cryptocurrencies banned

2 Only about 26% think banning cryptocurrencies will be effective in tackling climate change

3 Bitcoin network continues to grow

Britons | Cryptocurrency | Climatic Change | Environmental Protection

Environmental Information Education

Photo credit: Photo by King’s Church International on Un

45% of Britons support banning cryptocurrencies to combat climate change.

According to a recent survey released by British data analytics firm YouGov, reported by U. Today, 45% of Britons support banning cryptocurrencies to combat climate change.

From 45% to 18%, Britons said they would support a ban on cryptocurrencies like Bitcoin to help tackle climate change, including 29% who would “strongly” support it.

Not surprisingly, polls show a generational gap on this issue. While 63% of people over the age of 65 support the ban, only 21% of Britons aged between 18 and 34 share the same sentiment.

More conservative voters supported the ban than Labour voters (55% and 44%).

British women are twice as likely to oppose the cryptocurrency ban as men, although gender differences are less pronounced among those who support the crackdown.

Why Britons want cryptocurrencies banned

As COP26 approaches and world leaders begin discussing ways to reduce emissions and fight climate change, a new YouGov survey examining support for several actions finds that Britons are likely to support bans on cryptocurrencies for environmental reasons.

The environmental impact of cryptocurrencies is well documented, with research showing that the amount of electricity used to mine Bitcoin alone is greater than that consumed by the entire country. At the time of writing, Bitcoin mining reportedly uses more electricity than the Philippines and accounts for 0.46% of the world’s electricity consumption and the top cryptocurrency now requires more energy than Argentina, fueling charged debates about the viability and utility of mining.

Only about 26% think banning cryptocurrencies will be effective in tackling climate change

However, would such a ban be effective? Here, the British are doubtful. Only a quarter (26%)think banning cryptocurrencies will be effective in tackling climate change. This means that the crypto ban is actually near the bottom of the table in terms of actions that the British believe will work.

This is also the biggest difference between support for climate change actions and the perceived effectiveness of all 21 actions we requested. This could suggest that some Britons support the ban for reasons unrelated to climate change, even cryptocurrencies have a reputation for being used in criminal activities.

Bitcoin network continues to grow

While naysayers have been decrying Bitcoin’s energy consumption for years, the problem is becoming more acute over time as the network continues to grow. Even some of those who became rich because of Bitcoin are now critical of its environmental impact. As reported by U.Today, a German software engineer donated €1 million in Bitcoin to the German Green Party, claiming that it is harmful to the planet.