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Climate Change Efforts Can Be Nullified Due To Bitcoin Production: Scientists

Bitcoin mining, however, is becoming more energy efficient

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virtual currencies, bitcoin, investors
People use a bitcoin ATM in Hong Kong. VOA

Demand for bitcoin could single-handedly derail efforts to limit global warming because the increasingly popular digital currency takes huge amounts of energy to produce, scientists said on Monday.

Producing bitcoin at a pace with growing demand could by 2033 defeat the aim of limiting global warming to 2 degrees Celsius, according to U.S. research published in the journal Nature Climate Change.

Almost 200 nations agreed in Paris in 2015 on the goal to keep warming to “well below” a rise of 2°C above pre-industrial times.

Climate change, carbon
The Amazon Tall Tower Observatory stands in Sebastiao do Uatuma located in the Amazon rain forest in Brazil’s Amazonas state, Aug. 22, 2015. The tower, built by Brazilian and German governments, collects data on greenhouse gases. VOA

But mining, the process of producing bitcoins by solving mathematical equations, uses high-powered computers and alto of electricity, the researchers said.

“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change,” said study co-author Katie Taladay in a statement. “This research illustrates that bitcoin should be added to this list.”

Mining is a lucrative business, with one bitcoin currently selling for about $6,300 (4,900 British pounds).

In 2017, bitcoin production and usage emitted an estimated 69 million metric tons of carbon dioxide equivalent, the researchers said.

It will trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products.
Bitcoin, Pixabay

That year, bitcoin was involved in less than half of 1 percent of the world’s cashless transactions, they said.

As the currency becomes more common, researchers said it could use enough electricity to emit about 230 gigatons of carbon within a decade and a half. One gigaton is equal to one billion metric tons of carbon.

“No matter how you slice it, that thing is using a lot of electricity. That means bad business for the environment,” Camilo Mora, another co-author, told the Thomson Reuters Foundation.

bitcoin, climate change
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

Bitcoin mining, however, is becoming more energy efficient, said Katrina Kelly-Pitou, research associate at the University of Pittsburgh.

Also Read: Is Investing In Bitcoin Safe? Get the Basics First

She said bitcoin miners are moving away from sites such as China, with coal-generated electricity, to more environmentally friendly utilities in Iceland and the United States. (VOA)

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Climate Change Would Affect Health Of Indian Children: Lancet

Climate change would hit health of Indian children hard, says study by Lancet

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children
Children in India will be particularly vulnerable to the ill effects of climate change. Pixabay

Children in India will be particularly vulnerable to the ill effects of climate change such as worsening air quality, higher food prices and rise in infectious diseases, warns a new study published in the journal The Lancet.

Climatic suitability for the Vibrio bacteria that cause cholera is rising three per cent a year in India since the early 1980s, said the report.

“With its huge population and high rates of healthcare inequality, poverty, and malnutrition, few countries are likely to suffer from the health effects of climate change as much as India,” said study co-author Poornima Prabhakaran from the Public Health Foundation of India.

“Diarrhoeal infections, a major cause of child mortality, will spread into new areas, whilst deadly heatwaves, similar to the one in 2015 that killed thousands of people in India, could soon become the norm,” Prabhakaran said.

Through adolescence and into adulthood, a child born today will be breathing more toxic air, driven by the fossil fuels and made worse by rising temperatures.

This is especially damaging to young people as their lungs are still developing, so polluted air takes a great toll, contributing to reduced lung function, worsening asthma, and increasing the risk of heart attacks and stroke.

Later in life, a child born today will face increased risk from severe floods, prolonged droughts, and wildfires.

 

children
Children in India breathe toxic air and may develop lung diseases. Pixabay

Most countries have experienced an increase in people exposed to wildfires since 2001-2004 with a financial toll per person 48 times larger than flooding.

India alone saw an increase of more than 21 million exposures, and China around 17 million, resulting in direct deaths and respiratory illness as well as loss of homes, said the report.

“Over the past two decades, the Government of India has launched many initiatives and programmes to address a variety of diseases and risk factors. But this report shows that the public health gains achieved over the past 50 years could soon be reversed by the changing climate,” Prabhakaran said.

The “Lancet Countdown on Health and Climate Change” is a yearly analysis tracking progress across 41 key indicators, demonstrating what action to meet Paris Agreement targets — or business as usual — means for human health.

The project is a collaboration between 120 experts from 35 institutions including the World Health Organisation (WHO), World Bank, University College London, and Tsinghua University.

For the world to meet its UN climate goals and protect the health of the next generation, the energy landscape will have to change drastically, the report warns.

Also Read- Prince Charles Talks Climate Change in India

Nothing short of a 7.4 per cent year-on-year cut in fossil CO2 emissions from 2019 to 2050 will limit global warming to the more ambitious goal of 1.5 degree Celsius, said the report. If the world follows a business-as-usual pathway, with high carbon emissions and climate change continuing at the current rate, a child born today will face a world on average over 4 degree Celsius warmer by their 71st birthday, threatening their health at every stage of their lives. (IANS)