Bitcoin mining network emissions account for 0.08% of global CO2 emissions

Time:2022-02-03 00:00 Source:Internet Copy share

Bitcoin received a lot of criticism last year for the environmental impact of the cryptocurrency network, which uses PoW to process transactions and secure protocols. Despite its many critics, multiple reports suggest that Bitcoin's energy consumption is far lower than that of other financial systems. Cryptocurrency firm Coinshares reports that Bitcoin’s mining infrastructure accounts for 0.08% of the world’s carbon dioxide (CO2) production today. In May 2021, Galaxy Digital published a research report on the energy consumption of Bitcoin mining, which found that BTC mining is much lower than the energy consumption of gold or banking. Galaxy Digital also describes how methane emissions are being used by companies such as Great American Mining, Upstream Data and Crusoe Energy Systems to turn wasted gas into consumable energy.

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