Study says bitcoin could derail China s climate change targets yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
That’s according to new research, which estimates without implemented restrictions, the annual energy consumption of the bitcoin blockchain in China will peak in 2024 at 296.59TwH.
That exceeds the total energy consumption level of Italy and Saudi Arabia, the study finds.
Published by the journal Nature Communications, the report also suggests Chinese cryptocurrency mining could generate 130.50 million metric tonnes of carbon emissions by 2024.
Analysts from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey note internationally, this carbon footprint would exceed the total annual greenhouse gas emission output of the Czech Republic and Qatar.
8 April 2021, 12:17 pm EDT By
China s massive bitcoin mining could affect its climate change reduction activities, as stated in a new study. Right now, the Asian country s bitcoin mining covers around 75% of the world s total crypto activities. The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts, said the involved researchers via The Nature Communications Journal.
This new research was conducted by various experts from different universities such as Tsinghua University, Cornell University, the University of Surrey, and the University of the Chinese Academy of Sciences.
(Photo : Photo by Dan Kitwood/Getty Images)
A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the boa
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According to a study, some 75% of the world’s bitcoin mining is done in China. The reason given for this in the report is cheap electricity and relatively easy access to manufacturers who make specialized hardware. As a result, the nation’s bitcoin carbon footprint is as big as one of its ten largest cities, the report suggests. The research on China’s mining activities published by peer-reviewed journal Nature Communications on Tuesday was conducted by academics from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey.
India’s central bank, Reserve Bank of India (RBI) kept interest rates at record lows but committed to a massive government bond purchase program, keeping monetary policy accommodative amid concerns rising COVID-19 cases could derail a nascent economic recovery. The monetary policy committee decided unanimously to leave the RBI’s repo rate, its key lending rate, u
China s Bitcoin Mining Is Threatening Its Climate Change Targets, Study Says nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.