It’s abundantly clear that the rise of Bitcoin and other cryptocurrencies is a pernicious blight on the environment and efforts to fight climate change—no matter how much Bitcoin advocates say otherwise.
And it turns out the costs of Bitcoin’s environmental destruction is on par with that of the beef industry, according to a. The authors—economists from the University of New Mexico—say that rather than representing a new kind of “digital gold,” Bitcoin is emerging more as a “digital crude” when it comes to a climate perspective.
But its development is grounded in cryptocurrency mining, a process in which computers compete with one another to solve complex mathematical problems to provide “proof” that a transaction has taken place. You can, but the gist is that running these computers—which are often housed in large facilities—consume an enormous amount of electricity. If that power source isn’t green, then the mining operations are basically leading to a huge swell in carbon emissions as a result.
The new study reveals that between Jan. 2016 and Dec. 2021, Bitcoin mining used 75.4 terawatt hours per year. That’s more energy than was used annually in the entire country of Austria or Portugal.
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