7 months ago

Last year, due to the consumption of energy because of mining of bitcoin, 69 million tons of carbon were released into the atmosphere, which is 1% of the total. This is stated in a study of scientists at the University of Hawaii, published in the scientific journal Nature Climate Change.

In order to predict the future Bitcoin environmental footprint, researchers examined the level of adoption of other US innovations, such as credit cards and dishwashers. It turned out that if the adoption of Bitcoin will coincide with the indicators of these technologies, then in 16-22 years the temperature on Earth will increase by 2 °C. We note, according to scientists, a temperature rise of more than 1.5 ° C threatens to have irreversible consequences for the climate.

The climatic impact of mining cryptocurrency could mitigate the growth in the use of sources of renewable electricity, according to the authors of the study.  Economist Alex de Vries assumes:

“Bitcoin’s energy consumption and carbon footprint heavily depends on mining revenues. If revenues don’t grow, electricity consumption won’t grow.”

Meanwhile, according to analysts from the Swiss financial holding Credit Suisse, the growth of the bitcoin mining industry will not provoke an environmental disaster, despite the active consumption of electricity.