Climate change is all the range now, and at the rate we humans are jeopardizing our planet, it requires our paramount attention at the moment.
A new report released by the International Energy Agency Bitcoin (BTC) on July 23, has shed some much important light on BTC’s contribution to global CO2 emissions.
According to the report, bitcoin mining has contributed 10‑20 Metric tons (Mt) of carbon dioxide (CO2) per year or 0.03-0.06% of global energy-related carbon dioxide emissions. This might not seem like a big number, but if you look at it on the global level, considering the rise in BTC mining, it is a significant figure.
The report states that Bitcoin’s annual energy consumption ranges from 20 TWh to 80 TWh, with the agency’s own estimate being 45 TWh. If you compare that to Ireland’s annual energy consumption (26 TWh), it sets things into perspective.
The figures basically show how Bitcoin consumed more energy in 6 months than Ireland did in 12 months, and that’s severely detrimental to the environment. The recent hike in BTC price has contributed significantly to the increase in Bitcoin mining.
This has also increased the energy consumption of the BTC network. Most of the BTC mining takes place in places which provide cheap, renewable energy. This also makes it easier for mining places to grow in number, wherever they can find affordable electricity.