This has resulted in companies creating and investing in specialized bitcoin mining hardware and setting up enormous warehouses in areas where electricity is cheap to maximize their bitcoin mining production.
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All of this computing power consumes a large amount of electricity. Sources vary as to how much electricity Bitcoin consumes each year, but estimates include In a report, t he University of Cambridge concluded bitcoin uses Cryptocurrency supporters argue that most of the electricity bitcoin miners use is from renewable sources.
A study done in by the University of Cambridge found the majority of bitcoin mining facilities use renewables in their energy mix and tend to be located in places with unused excess energy, consuming electricity that would otherwise be wasted. The study identifies the Xinjiang province in China as being especially reliant on fossil fuels, which also happens to be the province that most bitcoin mining takes place in.
A Nov. The study, which was a collaboration between researchers from the Technical University of Munich, Massachusetts Institute of Technology, and the Institute of Energy, Environment and Economy from the Tsinghua University, hypothesizes different outcomes for what the long-term effect Bitcoin will have on the environment.
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These estimates could be even higher if the price of bitcoin continues to grow. Raising the price of electricity, for example, will encourage miners to find ways to limit their electricity usage.
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The study also suggests economy-wide carbon pricing —creating a standard price for CO2 emissions—as a way to incentivize decarbonization. Your email address will not be published.
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Search for: Search. Post navigation. Foteinis, S. Nature , Bass, F. Meinshausen, M. Climatic Change , — O'Dwyer, K. Bitcoin mining and its energy footprint. Download references.
The authors wish to thank the numerous data providers named in the supplements of this paper for making their data freely available. We also thank SeaGrant Hawaii for providing funds to acquire the computers used in these analyses.
You can also search for this author in PubMed Google Scholar. Correspondence to Camilo Mora.
Producing bitcoin currency could void climate change efforts - scientists | 路透
Reprints and Permissions. Mora, C. Nature Clim Change 8, — Download citation. Published : 29 October Issue Date : November Electronics Resources Policy The Review of Financial Studies Futures Advanced search. Sign up for the Nature Briefing newsletter — what matters in science, free to your inbox daily. Skip to main content Thank you for visiting nature. Rent or Buy article Get time limited or full article access on ReadCube. References 1.
Bitcoin can push global warming above 2 degrees celsius by 2033: Study
Article Google Scholar 3. Article Google Scholar 5. Article Google Scholar 9. Acknowledgements The authors wish to thank the numerous data providers named in the supplements of this paper for making their data freely available.