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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)

Next Story

Spain Takes a Step Forward to Combat Climate Change

Spain Declares Climate Emergency, Gets Climate Plan Ready

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Climate Change
People march during a worldwide protest demanding action on climate change in Barcelona, Spain. VOA

Spain’s new government declared a national climate emergency on Tuesday, taking a formal first step toward enacting ambitious measures to fight climate change.

The declaration approved by the Cabinet says the left-of-center Socialist government will send to parliament within 100 days its proposed climate legislation. The targets coincide with those of the European Union, including a reduction of net carbon emissions to zero by 2050.

Spain’s coalition government wants up to 95% of the Mediterranean country’s electricity to come from renewable sources by 2040. The plan also foresees eliminating pollution by buses and trucks and making farming carbon neutral.

Climate Change
Young environmentalists demonstrate to demand measures against climate change. VOA

Details of the plan are to be made public when the proposed legislation is sent to parliament for approval.

More than two dozen countries and scores of local and regional authorities have declared a climate emergency in recent years.

Scientists say the decade that just ended was by far the hottest ever measured on Earth, capped off by the second-warmest year on record.

Also Read- Music Streaming Giant Spotify Works On New Feature To Share Story Alongside Public Playlists

Also Tuesday, young climate activists including Greta Thunberg told the elites gathered at the World Economic Forum in Switzerland they are not doing enough to deal with the climate emergency and warned them that time was running out. (VOA)