A recent Forbes Advisor study highlights that 37% of Britons favor a complete ban on cryptocurrency mining due to environmental concerns. This data emerges as the crypto sector grapples with criticism over its high energy consumption. As a result, 42% of Britons believe the crypt...
A recent Forbes Advisor study highlights that 37% of Britons favor a complete ban on cryptocurrency mining due to environmental concerns. This data emerges as the crypto sector grapples with criticism over its high energy consumption. As a result, 42% of Britons believe the crypto industry must adopt more sustainable practices, according to thefintechtimes.
Gender-wise, the study found no significant differences in support for a ban. However, men are twice as likely as women to oppose the ban, with 17% of men against it compared to 8% of women. Age-wise, 44% of adults aged 18 to 34 support a ban, while the numbers drop to 35% for those aged 35 to 54 and remain steady for those over 54.
Despite a majority being unaware of how cryptocurrencies are mined, 51% are in favor of government regulations to reduce crypto's carbon footprint. Interestingly, younger adults are more inclined to back environmentally friendly crypto options, with 58% of them open to investing in such assets. This stands in contrast to 38% who avoid specific digital assets due to environmental reasons.
The environmental factor is starting to weigh on investment decisions too. While 16% of investors claim that ecological concerns influence their crypto investments, 21% express a willingness to invest in eco-friendly digital assets, even at the cost of potentially lower returns. This shift highlights the evolving dynamics in investment decision-making that now includes a moral dimension alongside financial considerations.
The report indicates a few barriers preventing people from pursuing eco-friendly crypto options. Concerns about market stability top the list at 36%, followed by lack of reliable information at 29% and regulatory uncertainty at 25%. According to Mark Hooson, crypto expert at Forbes Advisor, the findings suggest a notable shift towards support for less energy-intensive 'proof of stake' cryptocurrencies.
In conclusion, the study implies that as the crypto industry faces increasing scrutiny for its environmental impact, public opinion in the UK is leaning towards more sustainable options. The data underscores the need for greater awareness and education, as well as regulatory frameworks to foster a more sustainable crypto landscape.