New International Energy Agency Report: Bitcoin Mining Can Be As Much As 0.06% Of Global CO2
International Energy Agency Bitcoin mining recently released a report saying that Bitcoin mining can contribute as much as 10‑20 Megatonne (Mt) of carbon dioxide (CO2) per year This means that of the total CO2 released in the air, BTC mining-related activities is 0.03-0.06%.
As it stands, the Bitcoin network is set to reach the annual energy consumption rate over 31 TWh of electricity, with no signs of slowing down any time soon. Bitcoin comes in as the world’s 63rd largest energy consumer, between Morocco (64th) and Serbia (62nd). Close to 2,959,000 U.S. homes could be run on the amount of energy BTC’s demanding now.
One solution is green energy mining operations. One such operation came to light in February of this year when it was reported that Plouton Mining intends to create one of the largest solar-powered Bitcoin mining facilities in the world in California’s Mojave Desert.
Regarding this, the report goes on to say:
“Electricity generation in other key bitcoin mining centers are also dominated by renewables, including Iceland (100%), Quebec (99.8%), British Columbia (98.4%), Norway (98%), and Georgia (81%). Globally, one analysis estimates that the bitcoin is powered by at least 74% renewable electricity as of June 2019.”
However, the headlines surrounding Bitcoin use seems to be blown out of proportion. They write:
“Apocalyptic headlines that bitcoin would consume all of the world’s energy by 2020 echo back to warnings from the late 1990s about the internet and its growing appetite for energy, including one Forbes article in 1999 that predicted that ‘half of the electric grid will be powering the digital-Internet economy within the next decade’.”
They go on to mention that Bitcoin is just one blockchain and there are others who are causing the same problem. Although most of them are are trying to switch to a more efficient Proof-of-stake (POS) mining.