“Should bitcoin’s mass adoption continue, an escalating climate crisis is inevitable, disproportionately exacerbating social and environmental challenges for communities already experiencing multiple dimensions of deprivation.“
Almost five years after Digiconomist first started providing insights into the energy consumption of the Bitcoin network, a new study in collaboration with Christian Stoll from MIT now provides new insights in another major component of Bitcoin’s wasteful design.
The record-breaking surge in Bitcoin price at the start of 2021 may result in the network consuming as much energy as all data centers globally, with an associated carbon footprint matching London’s footprint size.
In June 2021 China started enforcing a complete ban on all Bitcoin mining activities in the country.
“The total Bitcoin carbon footprint exceeds the total greenhouse gas emission reductions of electric vehicles (51.9 Mt CO2 in 2020) as reported by the International Energy Agency’s EV Outlook 2021.” This was noted in a new article titled “The true costs of digital currencies: Exploring impact beyond energy …
While a lot has been written about the environmental impact that can be associated with the digital currency Bitcoin, finding a solution to the problem is far from easy.