Bitcoin industry groups have often claimed that green mining is gaining prominence.- However, a new study published in
Joule shows that Bitcoin’s carbon emissions are rising significantly. - Bitcoin’s hash rates hit new highs in January this year.
Despite a growth in the use of green energy for mining cryptocurrencies, Bitcoin miners’ environmental woes don’t seem to be going away soon. While miners have quickly relocated to new countries after China’s crackdowns on
report says that their
According to a peer-reviewed study in the journal Joule last week, mining Bitcoin has become “less green than ever before.” This report contradicts claims that both miners and industry bodies have made over the past year. Environmental concerns were amongst China’s chief reasons for pushing miners out of its borders too.
In June last year, a global forum of Bitcoin miners called
claimed that over 56% of mining at the time used green energy.
China’s crackdown on crypto & its impact
Before China’s ban, the country accounted for 70 percent of the world’s Bitcoin mining. Since then, the
Cambridge Bitcoin Electricity Consumption Index shows that the United States and Kazakhstan have become the biggest hubs for Bitcoin mining around the world. The index also shows that Bitcoin mining consumes an estimated 130 TWh of power per year, which is more than the total amount of…
