ECB's Panetta Claims Bitcoin Threatens Global Sustainability Efforts

“Bitcoin alone is already consuming more electricity than the Netherlands,” Panetta said.

AccessTimeIconMay 11, 2021 at 3:51 p.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

European Central Bank (ECB) executive board member Fabio Panetta said the mining of cryptocurrencies such as bitcoin is a threat to global sustainability efforts.

  • 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.