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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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Due to Global Warming Mount Everest Melting Glaciers Throw Up Climbers’ Bodies

According to studies, glaciers in the Everest region are melting and thinning

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mount everest
The association's Treasurer, Tenzeeng Sherpa, said climate change was affecting Nepal with glaciers, in parts, melting by a meter every year. Pixabay

With the melting of glaciers and snow due to high temperatures, Mount Everest expedition operators are finding more and more bodies of climbers on and around the world’s highest peak.

More than 200 mountaineers have died on the peak since 1922, when the first climbers’ deaths on the Everest were recorded. Most bodies have remained buried under glaciers or snow, CNN has reported.

“Due to climate change and global warming, snow and glaciers are melting fast, and bodies are being exposed and discovered by climbers,” said Ang Tshering Sherpa, former President of the Nepal Mountaineering Association.

mount everest
“Since 2008, my company has brought down seven bodies, some dating back to a British expedition in the 1970s,” he said. Pixabay

“Since 2008, my company has brought down seven bodies, some dating back to a British expedition in the 1970s,” he said.

According to studies, glaciers in the Everest region are melting and thinning.

“It’s a serious issue. We are concerned about this as it’s getting worse,” said Sobit Kunwar, an official of the Nepal National Mountain Guides Association. “We are trying to spread information to have a coordinated way to deal with it,” he said.

The association’s Treasurer, Tenzeeng Sherpa, said climate change was affecting Nepal with glaciers, in parts, melting by a meter every year.

mount everest
“We bring down most bodies. But for those that could not be brought down we pay ours respects by saying prayers and covering them with rocks or snow,” Sherpa said. Pixabay

ALSO READ: PUBG Apologises to Indian Users After they Faced Inconvenience while Playing

“We bring down most bodies. But for those that could not be brought down we pay ours respects by saying prayers and covering them with rocks or snow,” Sherpa said.

He lamented poor response of authorities in dealing with bodies found on the mountain. “We have not seen the government taking any responsibility,” he said.

Recovering and removing bodies from higher camps can be both dangerous and expensive. (IANS)