Cryptocurrencies are here to stay – and that’s a good thing. But many cryptos – like Bitcoin – use an energy-intensive proof-of-work mining process which aggravates semiconductor shortages and undermines environmental objectives. Germany has an opportunity to foster innovation to replace mining and support a more sustainable crypto ecosystem. Doing so will help free up supply of high-demand semiconductors, reduce energy consumption, and grow Germany’s innovation base while allowing Germany to benefit from the opportunities this new digital medium can bring.
About this series: The federal election on September 26, 2021, was a watershed moment in Germany’s international relations. In light of this key election, DGAP publishes weekly additions to its Memo series that contain concise insights and recommendations for action for the next government along three core themes: Making German Foreign Policy Fit for Purpose; (Re)Positioning Germany in Europe; and Germany in the World: Challenges and Opportunities.
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