Christine Lagarde, the International Monetary Fund Managing Director, has expressed her concern about the growth of electricity consumption by cryptocurrency miners. It poses risks to the environment.

Speaking at the World Economic Forum’s annual meeting in Davos, Christine Lagarde, the head of IMF, called bitcoin mining an "energy angry" activity:

“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry.”

According to Lagarde, such a rapid growth of electricity consumption poses risks to environment.

“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern,” Lagarde said.

According to Digiconomist, the estimated power use of the bitcoin network is 30.14TWh a year, which exceeds that of 19 other European countries. Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, about 0.6 percent of the global total, Morgan Stanley analysts wrote in a note.