Mining will affect global warming

According to a study published Monday in the scientific journal Nature Climate Change, if Bitcoin adoption occurs at the same rate as credit card adoption, global temperatures will rise by 2 degrees by 2033.

This news is viewed in a very different light given that a recent UN report found that a 1.5 degree Celsius increase in global temperatures would lead to irreversible, catastrophic consequences. 

The negative impact of Bitcoin on the environment has been discussed for many years, mainly thanks to the work of Dutch economist Alex de Vries. According to Motherboard, de Vries' research has shown that the Bitcoin network's energy consumption is equivalent to the energy needs of Austria. But even de Vries was surprised by the results of the new study, which point to climate change.

De Vries wrote the following in an email:

This is yet another shocking finding related to Bitcoin's electricity consumption. We already knew that the demand for electricity was huge, but we did not realize the impact this had on the environment. The amount of energy consumed and the carbon footprint largely depends on the mining enterprises. Unless these businesses expand, electricity consumption will not increase

A team of researchers from the University of Hawaii combined several relevant data, including the efficiency and energy consumption of Bitcoin miners, their possible location, and the amount of carbon dioxide that is produced in the process of producing electricity for their needs. Researchers have found that Bitcoin caused 69 metric tons of CO2 emissions last year. That's just over one percent of the world's total manufacturing CO2 emissions. This is a huge figure considering that, according to the study, during the same period, Bitcoin transactions accounted for just 0.03% of all non-cash transactions.

Since Bitcoin was introduced 10 years ago, mining pools have begun to appear in places with cheap electricity - usually near hydroelectric dams. Most of these pools are located in China, but several are located in the United States and Canada. Sometimes mining pools are so large that they consume more energy than the city they are in.. 

Some cryptocurrency miners are already looking to switch to green electricity, but de Vries is not convinced that renewable energy sources can mitigate the negative impacts of mining. Such energy is highly dependent on weather or other conditions, and mining devices operate at full power around the clock.

New research shows that the threat of global warming is becoming very real. It is clear that any future developments by cryptocurrency companies must aim to reduce energy consumption if we are to avoid the devastating effects of 2°C global warming.

According to motherboard.vice.com