Wednesday, October 21, 2020
Home Lead Story Climate Change Efforts Can Be Nullified Due To Bitcoin Production: Scientists

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

Bitcoin mining, however, is becoming more energy efficient

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)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,781FollowersFollow

Most Popular

Netflix Has Much Work to Do in Indian Market

Content streaming giant Netflix which reported slow growth in its third-quarter (July-September period) despite the social distancing times admitted that it has much work...

Aparshakti Khurana: It Was An Amazing Experience To Eat At ‘Baba Ka Dhaba’

Actor Aparshakti Khurana on Tuesday paid a visit to Baba ka Dhaba in Malviya Nagar, days after the heartbreaking story of the elder couple...

Kartik Aryan To Walk Virtual Runway In Lakme Fashion Week

Bollywood actor Kartik Aryan will be seen walking a virtual runway for designer Manish Malhotra at the first digital Lakme Fashion Week (LFW) edition...

Apple Releases IOS 14.1 Updates Supporting Bug Fixes

Apple has released the iOS 14.1 as well as iPadOS 14.1 updates with support for the latest devices and some bug fixes. The update can...

Facebook Files Lawsuits Against Four Individuals

Facebook has filed lawsuits against four individuals who provided services intended to artificially inflate likes and followers of Instagram accounts, a practice known as...

This Dussehra OTT Platforms Have A Lot Of Drama In Store

There is history, humor, lots of violence, and a lot more drama in store, as OTT platforms lay out the spread for the festival...

Facebook And Instagram Releases New Features To Celebrate Durga Puja

Facebook and Instagram on Tuesday launched several features and content programming to help make virtual Durga Puja celebrations as entertaining as possible in the...

Online Exhibition Features Artwork Of Nine Forms Of Durga Avatars

As the country marks the auspicious 'Navratri' festival, an online exhibition of artworks featuring the nine forms or 'avatars' of divinity is currently live...

Recent Comments