Climate Impacts of Bitcoin, Beef and Fossil Fuel, cryptocurrencies consumes, Bitcoin Mining Equal,
Climate Impacts of Bitcoin Mining Equal Those of Beef and Fossil Fuel, According to a Study
Translate This News In

A recent study published in the journal Nature found that the harmful effects of bitcoin on the environment are comparable to those of well-known polluters like beef ranching and burning crude oil for fuel. According to the report, mining for bitcoin and other cryptocurrencies consumes far more energy than does the average small country. For illustration “More energy was used by BTC mining in 2020 (75.4 TWh yr1) than was used by either Austria (69.9 TWh yr1) or Portugal (48.4 TWh yr1). BTC values and mining energy consumption are closely correlated, and BTC electricity use has a general increasing time trend.”

Both the energy intensity of bitcoin mining and the annual emissions from mining between 2016 and 2021 were assessed in the study. These estimations were used to calculate the possible expenses related to the climate and the harmful dangers that those emissions would result in.

READ:   Elon Musk's Clash With Twitter: Peiter "Mudge" Zatko

According to the study, for every $1 that Bitcoin’s market value increased, the global climate suffered an average loss of 35 cents. The estimated costs of mining bitcoins were considerably higher than those of mining gold as a percentage of market value.

To transact outside of national currencies, one can utilize a decentralized digital currency called a cryptocurrency, like bitcoin. These online transactions are secure and are verified by blockchain cryptography.