Mining Bitcoin CO2

Bitcoin mining will only emit 0.08% of the global anthropogenic CO2 emissions into the atmosphere.

That's the finding of a recent CoinShares study, which concludes with a report titled "Bitcoin Mining Networks.

CO2 emissions from bitcoin mining

The 26-page long report accurately focuses on the energy consumption of bitcoin mining, as well as CO2 emissions into the atmosphere.

Studies show that carbon emissions from Bitcoin miners' electricity providers are negligible on a global scale, accounting for only 0.08% of all CO2 emissions.

Bitcoin CO2 Bitcoin and other generated energy consumption

So, for example, if it were decided to ban bitcoin mining globally in order to reduce pollution, the actual impact on the environment would be almost zero, while depriving hundreds of millions of people of their "only hope for a fair and accessible form" of money.

How mining consumption will change

The study also shows that while the future energy consumption of Bitcoin mining is unpredictable, more than 99% of Bitcoins will be mined as early as 2040, making the vast majority of the energy consumed solely for validating transactions. Instead, most of the emissions are now associated with the mining of new BTC, as 900 are minted and given to miners every day.

Since mining is a contest, the winner is the one who generates more work (and therefore energy consumption) and since the 900 BTC awarded to miners per day is equivalent to almost $33 million, consumption is inevitably high at this point. However, in the future, this dynamic will become increasingly irrelevant.

In addition, the CO2 emissions from bitcoin mining are said to have remained largely stable over the past two years.

Carbon Dioxide CO2 emissions from bitcoin mining over the years

The report also states.

“Our focus should be on building renewable energy generation, not on stifling the development of monetary technologies.

Furthermore, the current cost of emissions must be viewed in the context of a possible future global emissions profile that will be permanent, what the market is currently demanding in terms of cryptocurrency technology, and what benefits Bitcoin is already providing to its users. When analyzed in the long-term and proper context, we believe that Bitcoin’s emissions costs are dwarfed by its benefits.”

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