Bitcoin miners produce only 0.08% of global CO2 emissions
Bitcoin miners and their energy consumption are one of the favorite topics for Bitcoin critics. The network consumes a vast amount of electricity to secure the blockchain. Therefore, they contribute significantly to the climate problems the world is facing, they claim. However, recent research shows that the opposite is true.
Researchers: Only 0.08% comes from BTC miners
The recent research mentioned was done by CoinShares, one of the most prominent crypto asset managers and known for its high-quality research. The researchers from CoinShares investigated the effects that bitcoin miners have. Miners use a lot of electricity to calculate complicated mathematical problems to process transactions, secure the network, and earn BTC.
To put the consumption into context, the Bitcoin network consumes about 125 terawatt-hours (TWh) per year. That is slightly more than the whole country of Ukraine. Comparisons with countries are often deemed unfair as Bitcoin is a worldwide network that makes our economy much more efficient. But looking at the consumption, the share in total emissions must be monstrous, right?
According to CoinShares, Bitcoin only produces 0.08% of global CO2 emissions. So stating Bitcoin is a significant problem in our global climate crisis is an exaggeration when looking at this percentage. CoinShares writes about their findings:
“At 0.08 % of global CO2e emissions, removing the entire mining network from global demand—and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money—would not amount to anything more than a rounding error.”
Bitcoin drives the energy transition
Instead of criticizing Bitcoin for its energy needs, we should look at the positive things Bitcoin is bringing. Aside from making the world economy more inclusive, efficient, and transparent, the network also seems to stimulate the use of sustainable energy sources. This is simply because these sources are extremely cheap when there is no demand.
In one of our earlier articles, you could read about the contrast in countries’ approaches; some ban mining while others embrace it. GRN Energy empowers miners to help revolutionize the energy grid and join the Bitcoin revolution by mining in countries that fully embrace mining with sustainable energy sources.
Bitcoin is unstoppable and moving quickly. Even China’s ban on mining couldn’t stop it. So check out our Hosting Services page and start mining today!
