Sunday November 18, 2018
Home Lead Story Climate Chang...

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

Bitcoin mining, however, is becoming more energy efficient

0
//
virtual currencies, bitcoin, investors
People use a bitcoin ATM in Hong Kong. VOA
Republish
Reprint

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)

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

Skyscrapers May Have Made The Impact Of Hurricane Harvey Worse: Study

The scientists projected future warming and found future versions of the same storms would be significantly wetter and stronger.

0
Hurricane
Floodwaters from Tropical Storm Harvey overflow from Buffalo Bayou in downtown Houston, Texas, VOA

Humans helped make recent devastating U.S. hurricanes wetter but in different ways, two new studies find.

Hurricane Harvey snagged on the skyscrapers of Houston, causing it to slow and dump more rain than it normally would, one study found. The city’s massive amounts of paving had an even bigger impact by reducing drainage. Land development in the metro area, on average, increased the chances of extreme flooding by 21 times, study authors said.

A second study looked at last year’s major Hurricanes Maria and Irma and 2005’s deadly Katrina and used computer simulations to see what would have happened if there had been no human-caused global warming. The study found that climate change significantly increased rainfall from those three storms, but did not boost their wind speed.

Both studies are in Wednesday’s journal Nature.

Hurricane, skyscraper
A smoky haze envelopes the skyscrapers and Rocky Mountains that usually can be seen as a backdrop to the city from a high-rise building, Aug. 20, 2018, in Denver. VOA

Houston was a literal drag on Harvey as it sloshed through, with the storm getting tripped up by the skyscrapers, said study co-author Gabriele Villarini, a civil and environmental engineering professor at the University of Iowa.

Co-author Gabe Vecchi, a climate scientist at Princeton University, said that forced the storm to move up higher, causing more concentrated rain over Houston and slowing, which also made more rain.

He compared it to a river running over rocks, creating bubbles.

“That’s sort of what’s going on here,” he said.

This effect is dwarfed, though, by the paving and building that don’t allow water to sink into the ground, Vecchi said.

Harvey’s record rainfall reached 5 feet in one spot near Houston. The scientists used computer simulations to see the effects of urbanization. In parts of the Houston metro area, the effects of development ranged from a 10 percent higher risk of extreme flooding in the less developed northwest to nearly 92 times the risk in the northeast, they reported.

Hurricane Florence, Lawmakers,
A work truck drives on Hwy 24 as the wind from Hurricane Florence blows palm trees in Swansboro N.C. VOA

That’s on top of the unique weather patterns that made Harvey slow down and stall and climate change which brought more water into the storm, Vecchi said.

MIT hurricane and climate expert Kerry Emanuel, who wasn’t part of the study, called the Harvey study “a real advance in our understanding of hurricane impacts on urban areas.”

But Texas state climatologist John Nielsen-Gammon wasn’t convinced. He said the team used generic shapes instead of the actual Houston skyline. He said the storm’s wind speeds may have slowed, but that’s different from the storm’s forward movement slowing.

The other study in Nature looked at a variety of historical damaging storms and tried to calculate past and future effects of climate change. In three cases, the scientists simulated the storms without the changes in the climate from greenhouse gases, showing that global warming increased rainfall 8.9 percent in Hurricane Maria , 6.3 percent in Hurricane Irma and 8.7 percent in Hurricane Katrina .

Maria hit Puerto and Rico and other parts of the Caribbean. Irma hit the Caribbean and Florida, while Katrina struck New Orleans and the Gulf Coast.

Climate Change, Hurricanes
Russ Lewis covers his eyes from a gust of wind and a blast of sand as Hurricane Florence approaches Myrtle Beach, S.C.. VOA

In Maria’s case, a warming climate concentrated heavier rain in the center of the storm and reduced it on the edges, said co-author Michael Wehner, a climate scientist at the Lawrence Berkeley National Laboratory.

For 15 storms, which included the devastating Typhoon Haiyan , the potent Gilbert and 1992’s Hurricane Andrew , the scientists projected future warming and found future versions of the same storms would be significantly wetter and stronger.

Also Read: Vietnam Does Its Part in Cleaning The Environment, Cleans Plastic

“We are beginning to see a climate change influence emerge on tropical cyclones and that’s coming out as rainfall,” said study lead author Christina Patricola, an atmospheric scientist at the national lab.

Although replicating a storm in a different climate is difficult and can’t account for certain changes, this work bolsters science understanding of how climate change alters hurricanes, Emanuel said. (VOA)