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Bitcoin Carbon Emission 50 Times Lower Than That of Aviation: Coinshares

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Sat, 01/29/2022 - 15:14
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Vladislav Sopov
Another report ruins the "holy grail" of Bitcoin critics: no, the flagship crypto is not that bad for environment
Bitcoin Carbon Emission 50 Times Lower Than That of Aviation: Coinshares
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Bitcoin (BTC) is routinely slammed for high electricity consumption and a monstrous carbon footprint. But should we still listen to these tirades in 2022?

Bitcoin, aviation, gold or tumble dryers: Which is better for environment?

According to the latest Bitcoin Mining Network report by digital assets management veterans Coinshares, Bitcoin's (BTC) effect on climate change is heavily overestimated if we compare it to some industries—let alone some nation-states.

To start with, all Bitcoin (BTC) miners on Earth combined only utilize 0.05% of global electricity consumption. Bitcoiners are responsible for 89 TWh, while the world's population consumes 162,194 TWh.

When it comes to carbon footprints (calculated as tons of carbon dioxide emitted by this or that industry in 12 months), Bitcoin (BTC) mining cannot even compete with some segments.

Namely, it emits 50x less CO2 than aviation, 25 times less than air conditioners and half as much as the data center segment does. Even the tumble dryers of the world emit 12% more CO2 than Bitcoin (BTC) miners.

Bitcoin has all the chances to completely offset its carbon footprint

Since Bitcoin (BTC) is often compared to digital gold, it is interesting to admit that the gold mining industry is three times more dangerous for the environment than Bitcoin mining.

However, even these numbers can be reduced: the Bitcoin (BTC) mining segment can benefit from switching to flared and vented natural gas. Should this revolution take place, Bitcoin mining worldwide would become carbon negative.

Related
Bitcoin Hashrate Reaches New Peak

As covered by U.Today previously, Bitcoin (BTC) proponent Alex Gladstein noticed that the carbon footprint of Bitcoin (BTC) could be compared to that of cruise ships.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)