Skip to main content

Study shows bitcoin mining is causing huge amounts of CO2 emissions

by Futures Centre, Jul 31
1 minute read

According to a new study by Researchers from the Technical University of Munich (TUM) in Germany, the production and use of Bitcoin is causing annual carbon emissions of up to 22 megatons, which is “comparable to the total emissions of cities such as Hamburg, Vienna or Las Vegas”. Despite being a virtual currency, Bitcoin consumption is responsible for huge amounts of energy consumption.

rsz_andre-francois-mckenzie-igyibhdntpe-unsplash

For a successful Bitcoin transfer, a user has to solve a mathematical puzzle in the global Bitcoin network. The computing capacity used in this process, known as Bitcoin mining, has increased to unprecedented amounts in recent years, quadrupling in the last year alone. New sets of transactions are added to Bitcoin’s blockchain roughly every 10 minutes by ‘miners’. This stark rise has had severe repurcussions in terms of environmental damage and according to the study it “raises the question of whether the cryptocurrency is imposing an additional burden on the climate”.

Details

by Futures Centre Spotted 1932 signals

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • Share

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>