07.04.2021 China’s bitcoin mining rush risks derailing climate goals
China’s electricity-hungry bitcoin mines that power nearly 80 percent of the global trade in cryptocurrencies risk undercutting the country’s climate goals, a study in the journal
Nature Communications said on Tuesday.
Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity much of it produced by coal plants.
The
Nature Communications study found that unchecked, China’s bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 close to the annual greenhouse gas emissions from Italy or oil-rich Saudi Arabia.
Chinese companies with access to cheap electricity and hardware handled 78.89 percent of global bitcoin blockchain operations as of April 2020, the study said.
China s coal-fueled bitcoin mining rush risks derailing country s climate goals
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China s bitcoin mining rush risks derailing climate goals
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China s Bitcoin Mining Rush Risks Derailing Climate Goals
04/06/21 AT 11:00 AM
China s electricity-hungry bitcoin mines that power nearly 80 percent of the global trade in cryptocurrencies risk undercutting the country s climate goals, a study in the journal Nature said on Tuesday.
Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity much of it produced by coal plants.
The Nature study found that unchecked, China s bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 close to the annual greenhouse gas emissions from Italy or oil-rich Saudi Arabia.
Chinese companies with access to cheap electricity and hardware handled 78.89 percent of global bitcoin blockchain operations as of April 2020, the study said.