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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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Worldwide Protests against Climate Change to Draw More than One Million Participants

A day of worldwide protests against climate change is underway that organizers predict will draw more than one million participants

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Worldwide, Protests, Climate Change
Activists march in a climate change rally in London, Britain, Sept. 20, 2019. VOA

A day of worldwide protests against climate change is underway that organizers predict will draw more than one million participants, the largest-ever expected demonstration decrying the man-made causes of a warming planet.

Friday’s protests began across Asia, where hundreds of thousands of students and others took to the streets calling for action against climate change ahead of a United Nations summit on the issue. The protests later spread to Africa and Europe, with huge crowds filling the streets.

In Australia alone, more than 300,000 children and adults rallied with the backing of some local authorities, schools and businesses. School Strike 4 Climate in Australia said the throngs of protestors represented the largest climate protest in the country’s history. Warmer weather patterns have taken a toll on Australia, sparking drought, flooding, more intense brushfires and the whitening of the Great Barrier Reef.

Smaller protests occurred across Asia, from the Philippines to Hong Kong and India.

Worldwide, Protests, Climate Change
Activists call for action against climate change at a rally in Karachi, Pakistan, Sept. 20, 2019. VOA

Rallies are also underway in the United States, where organizers say more than 800 events have been planned, including several high-profile demonstrations in New York. More than 1 million students in some 1,800 New York City public schools have been allowed to skip school in order to participate.

In Africa, protests were held in Nairobi, Kenya and in the South African cities of Johannesburg and Pretoria. Experts say Africa is the most vulnerable continent to climate change and the least equipped to deal with the phenomenon.

Swedish teenage activist Greta Thunberg helped inspire the protests, staging weekly demonstrations for the past year calling on world leaders to bolster efforts to combat climate change. Friday’s Global Climate Strike is the third of several worldwide climate rallies organized by students and led by the 16-year-old Thunberg.

Thunberg is scheduled to speak at an emergency U.N. climate change summit on Monday, when Secretary-General Antonio Guterres is expected to urge world leaders to exceed their commitments to the 2015 Paris climate accord.

Also Read- Walmart Discontinuing Sale of E-Cigarettes and Electronic Nicotine Delivery Products at its U.S. Stores

Guterres has demanded that countries present plans of direct action, including ending construction of coal-fired power plants and reducing fossil fuel subsidies.

Countries that are committed to the Paris agreement have pledged to limit the long-term rise in the Earth’s average temperature to two degrees over pre-industrial levels.

Worldwide, Protests, Climate Change
Kenyan protesters, predominantly young people, march demanding their government take immediate action against climate change, in Nairobi, Kenya, Sept. 20, 2019. (M. Yusuf/VOA) VOA

A U.N. report to be released next week is expected to conclude that global warming and pollution are devastating oceans and polar regions, raising risks for ecological devastation around the world.

Also Read- Smokers Who Quit Do Not Generally Turn their Gaze Towards Mouth-Watering Food as Normally Thought

The Trump administration has cast doubt on a broad scientific consensus that the earth is warming and human activity is mostly to blame. (VOA)