0
📰 News
84 views

Bitcoin as Global Currency Will Accelerate Climate Change: Research

  • Alex Dovbnya
    📰 News

    While the gargantuan energy consumption of Bitcoin mining is undeniable, a new study draws a lot of criticism


Bitcoin as Global Currency Will Accelerate Climate Change: Research
Contents

A new study, which was recently published in Nature Climate Change, reveals the disastrous impact of Bitcoin mining on the environment. It has been estimated that mining farms emit more carbon dioxide (CO2) than all the British cars during a year and the whole Austria with a population of about 9 mln people.    

👉MUST READ

One City in New York Considering Making Bitcoin Mining Illegal

One City in New York Considering Making Bitcoin Mining Illegal

An uncontrollable force

Camilo Mora, a researcher behind the aforementioned study, analyzes the current state of cryptocurrency mining and the potential growth of Bitcoin’s adoption in relation to other technologies, such as electricity, credit cards, etc. As of now, Bitcoin represents only a minuscule of the global carbon dioxide emission, but its share may grow exponentially as mining difficulty increases.

The study concludes that Bitcoin could push the Earth beyond two degrees of warming in just 20 years. And that’s a very optimistic figure — if we apply the average rate of growth typical for other technologies, 16 years would be enough for taking a toll on the planet’s climate.   

Mora states that Bitcoin may become something that “we won’t be able to control.” However, he emphasized that the aim of the study is to show the potential consequences of the nascent technology, not to predict its future.

Critics disagree

Nevertheless, some experts dismissed the study as inaccurate. Michael Wilshire, head of strategy at Bloomberg NEF, is certain that Bitcoin will not see mainstream adoption anytime soon, so the comparisons with other disruptive technologies are irrelevant.

David Malone, a lecturer at Maynooth University, claims that Bitcoin may eventually tackle the energy consumption problem by increasing the block size. Malone’s second remark pertains to the energy — using hydropower for mining, for instance, almost eliminates the CO2 emission.

Lastly, Harald Vranken, a professor at the Open University, states that there is no direct correlation between electricity usage and the number of transactions.

👉MUST READ

News Outlets Suggest Bitcoin Mining About to Become Unprofitable But They’re Wrong

News Outlets Suggest Bitcoin Mining About to Become Unprofitable But They’re Wrong

Cover image via u.today
The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings