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.
Ban bitcoin mining!
“…According to the economists, the climate damage of producing the digital currency has averaged 35% of its market value over the past five years, peaking at 82% in 2020.”
— Lynne Glasscoe (@LynneGlasscoe) September 30, 2022
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.
Interesting new study (via @SciReports) which finds that Bitcoin mining creates more environmental harm than some of the most polluting industries, such as beef production and natural gas extraction.https://t.co/B8XFkWbzDB
— Omid Scobie (@scobie) September 29, 2022
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.
The new study reveals that between Jan. 2016 and Dec. 2021, Bitcoin mining used 75.4 terawatt hours per year. That’s more energy than was used annually in the entire country of Austria or Portugal.https://t.co/Sb5To9Czwb
— The Daily Beast (@thedailybeast) September 29, 2022
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.