Research: Bitcoin mining produces 0.1% of the world emissions Co₂

Research: Bitcoin mining produces 0.1% of the world emissions Co₂

Since the creation of the Bitcoin network until September 21, 2022, miners of the first cryptocurrency produced 199.65 million tons of carbon dioxide equivalent. This is evidenced by the data of the Cambridge Center for Alternative Finance (CCAF).

The annual indicator is at the level of 48.35 million tons of Co₂, which is 0.1% of global emissions. A similar volume of gas is produced by Nepal – 48.37 million tons and TsA – 46.58 million tons. For comparison, the gold mining industry produces 100.4 million tons of greenhouse gases per year.

The numbers are based on the geographical distribution of bitcoins production in January 2022. CCAF has combined recent data with publicly available information about the production of electricity in different regions.

At the same time, information does not cover measures to reduce emissions, including the use of torch gas, autonomous production of bitcoins, recovery of the spent heat and other factors.

“We do not have enough data to fix it,” said the author of the report Alexander Neumuller.

CCAF researchers also calculated that the share of green energy sources in Bitcoin mining is 37.6%. The assessment contrasts with the data of Bitcoin Mining Council for the second quarter of 2022, estimated this indicator at 59.5%.

According to CCAF conclusions, the current annual emissions of Co₂ from the production of the first cryptocurrency decreased 14.1% compared to 2021. At the same time, electricity consumption was reduced during the period of significant growth of the hashrate of the network, which indicates the increased efficiency of equipment.

“Miners act rationally, turning off unprofitable machines and continuing to work with more profitable ones,” Neumuller added.

Recall that in early September, the White House issued a report in which he called on the regulatory authorities to discuss tough measures regarding Bitcoin’s extraction due to its large carbon trace.

In the same month, the Non-governmental environmental working group Environment Working Group announced the need to switch bitcoin to the Proof-Of-Stake algorithm.

About why the problem of the influence of bitcoin on the ecology is exaggerated, read in the special material of FORKLOG.

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