Cryptocurrency has emerged as a significant force in today's world, yet it remains a mystery to many. Its digital nature and complex algorithms have led to both excitement and concern. In this article, we will explore the ins and outs of cryptocurrency, from its basic concepts to its environmental implications.

Unraveling the Mysteries and Risks of Cryptocurrency

What is Cryptocurrency?

There's a modern-day gold rush happening right now, but it isn't nearly as simple as panning water in the hills of Dakota. Cryptocurrency is a digital currency, an alternative form of payment created by using encryption algorithms. These technologies serve as a currency of their own and a virtual accounting system. Cryptocurrencies can only be used by having a cryptocurrency wallet, which is software stored on a computer or mobile device and used to store encryption keys for accessing funds.Some of the more well-known types of cryptocurrencies, especially Bitcoin, have become more and more popular as alternative methods for online payments. Bitcoin was the first cryptocurrency and was launched back in 2009. It has seen its value skyrocket in recent years, especially in the wake of Donald Trump's re-election. The thinking behind this surge is that as more people use cryptocurrencies, they will become more stable.

The Impact on the Global Financial Markets

Cryptocurrency's impact is being felt not only in the global financial markets but on the Earth itself. It is a force to be reckoned with, and its ripple effects are likely to continue for years to come. While some see it as a positive development, others are concerned about its volatility and potential risks.Cryptocurrencies are still relatively new and therefore more volatile and risky than their traditional counterparts. Because they don't require regulation from a bank or any other third party, they are often uninsured and difficult to convert into a standard, tangible currency such as U.S. dollars.

The Environmental Consequences

Greenidge Generation, a large-scale crypto mine, has drawn criticism from environmental groups since it began mining four years ago. Like other crypto-mining operations of such size, it uses thousands of computer servers that consume huge quantities of electricity to solve the complex equations vital to its process. To power those servers, it uses a former coal-burning plant — now powered by natural gas — that pumps millions of pounds of carbon dioxide into the air while also contaminating nearby Seneca Lake with discharges of heated water.This is not an isolated incident. Bitcoin mining activities around the world have produced significant carbon, water and land footprints. A study by the United Nations University and Earth's Future found that between 2020 and 2021, 173.42 terawatt hours of electricity were consumed by Bitcoin mining globally. That would be enough to rank Bitcoin as a nation unto itself in the top 30 in the world in such consumption. The carbon footprint was equivalent to that of burning 84 billion pounds of coal; to offset this footprint, almost 4 billion trees would need to be planted. Bitcoin's water footprint, meanwhile, was roughly the same as the amount of water it would take to fill 660,000 Olympic-sized swimming pools.It's becoming apparent which groups are benefiting from cryptocurrency mining and which nations will suffer from its environmental consequences. To prevent these inequities, it's vital that people educate themselves about the nature of this complex industry and the impact it will have in the months and years to come.

A netizen once witnessed a performance by two web hosts on Douyin, a prominent Chinese short video platform. This incident serves as a backdrop to the significant measures and guidelines put forth by the National Radio and Television Administration (NRTA). Photo: IC

Strengthening Online Live-Streaming Regulations for a Better Future

Preventing Negative Trends in Online Live-Streaming

The NRTA's Friday seminar in Xiamen emphasized the strict prevention of negative trends such as celebrity hype and excessive entertainment. It highlighted the importance of promptly prohibiting programs that harm minors' physical and mental health. This red line for online live-streaming programs is the dissemination of harmful political contents. Program creators are urged to enhance their political awareness and strengthen their judgment, understanding, and execution capabilities. They must firmly grasp the correct political direction, public opinion guidance, and value orientation to prevent the infiltration and dissemination of harmful political contents.Creators must also adhere to the bottom line of moral and legal standards. The management department for online live-streaming programs should strengthen inspections, random checks, monitoring, safety warnings, and penalties for violations. They are required to promptly address prominent issues that violate public order and morals, are pathological and harmful, and endanger minors' physical and mental health.

Special Campaign to Improve Online Environment for Minors

In mid-July, the Cyberspace Administration of China (CAC) launched a special campaign to improve the online environment for minors. Over 4.3 million pieces of illegal and harmful information concerning minors have been cleaned up and intercepted. More than 130,000 accounts have been disposed of, and more than 2,000 websites and platforms have been removed. This shows the firm stance of the authorities in safeguarding the well-being of minors online.The requirements also noted the need to take strict measures to prevent negative trends like celebrity worship, hype, and excessive entertainment and to expose typical cases in a timely manner.

Enhancing Education and Management of Online Streamers

As early as 2021, relevant Chinese authorities initiated rectifications regarding excessive entertainment in television programs. Broadcasting and television stations in four provinces showed varying degrees of excessive entertainment and content related to celebrity worship and hype, which were required to be rectified. Platform institutions should enhance the education and training of top streamers, strengthen the management of their behavior, and implement personnel management mechanisms such as streamer onboarding, classification, education and training, and credit evaluation. Online streamers, talent agencies, and program production organizations should be supervised to consciously resist vulgarity, mediocrity, and sycophancy and not become "slaves" to the market and traffic.

Encouraging High-Quality Program Production

The meeting encouraged creators to produce high-quality programs. They are encouraged to focus on major themes and memorable moments, fully leveraging the advantages and characteristics of online live-streaming programs to narrate compelling Chinese stories. Creators should adhere to a people-centered creative orientation and continuously innovate in the forms of content that the public enjoys, thereby enhancing the sense of gain, happiness, and security among the people.