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Study Shows Bitcoin Mining’s Climate Damage Is Comparable to that of Beef and Fossil Fuels

Study Shows Bitcoin Mining’s Climate Damage Is Comparable to That of Beef and Fossil Fuels

In a recent study published in Scientific Reports, researchers report bitcoin’s environmental effects are similar to those of well-known pollutants such as cattle ranching and burning crude oil.

According to the report, mining for bitcoins and other cryptocurrencies consumes a great deal of energy. It is evident that Bitcoin mining used 75.4 TWh per year of power in 2020, more than Portugal (48.4 TWh per year) or Austria (69.9 TWh per year). BTC values and mining energy use are closely correlated, and BTC power usage has shown a generally upward trend over time.”

How Long Has the Research Taken?

From 2016 to 2021, the researchers assessed the energy intensity and emissions associated with bitcoin mining. In addition, they calculated the potential costs associated with climate change and the dangerous dangers caused by such emissions.

Depending on the market value of Bitcoin, the global environment loses an average of 35 cents for every $1 in market value. According to predictions, bitcoin mining expenses would be much higher than those incurred by gold mining.

Bitcoin, for example, is a form of decentralized digital money that can be used to conduct transactions. These online transactions are secure and verified by blockchain cryptographic technology.

A bitcoin transaction’s validation and addition to the blockchain are carried out by mining, according to binance.com. Miners strive to find accurate answers to challenging arithmetic problems. Miners who succeed in solving these problems receive new bitcoins and transaction fees.

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