New Carbon Footprint of Bitcoin Study Shows Mining Consumes More Energy Than Several Countries
- Bitcoin consumes as much energy as Kansas City
- Miners should search for more clean energy to power their mining operations
Bitcoin (BTC) is showing some alarming numbers. The most popular digital asset generates as much carbon emissions as Kansas City or even a small country. This is according to a recent study that was published by the Joule journal on June 12.
Bitcoin Consumes A Lot Of Energy
The large energy consumption that Bitcoin generates is translated into a carbon footprint that is currently harming the entire planet. Christian Stoll, one of the researchers that released the report, explained that the power used to mine Bitcoin has quadrupled since last year, which is a problem that is getting only worse.
About it, the report reads as follows:
“The magnitude of these carbon emissions, combined with the risk of collusion and concerns about control over the monetary system, might justify regulatory intervention to protect individuals from themselves and others from their actions.”
The researchers used data from IPO filings and also IP addresses. There is an estimated CO2 emission between 22 and 22.9 megatons. That means that Bitcoin consumes as much energy as a country between the energy consumption of Jordan and Sri Lanka. If other virtual currencies are taken into account, these numbers would be much higher.
Using Alternative Energy Sources to Mine Bitcoin
Stoll explained that they do not question the efficiency gains that blockchain technology could provide to companies and the entire market. However, the benefits must pay close attention to the costs.
There are some Bitcoin supporters that say that this is not a problem and that there are many renewable energy plants that are providing the necessary energy to Bitcoin for it to operate and be secure. Moreover, there is a company in Canada that is using gas that would otherwise be thrown away to mine the most popular digital asset.
Clearly, it will be important for Bitcoin miners to find renewable sources of energy to power their operations and large companies to use the energy they don’t use or would throw away to mine Bitcoin.
There are some jurisdictions around the world and in the United States that have already banned crypto mining activities. This is due to the fact that the energy that would be used to power residential areas or industrial parks is now being consumed by Bitcoin miners.