All about bitcoin and carbon emissions, Do miners ruin our planet?

Blockchain And Cryptocurrency / July 15, 2021 / 5 minutes of reading
All about bitcoin and carbon emissions, Do miners ruin our planet?
Post Menu and Details.

Words: 979

Reading time: ~4 minutes

Bitcoin is the foremost cryptocurrency to attain limelight across the globe; conferring the path of bitcoin, there are more than 9000 cryptocurrencies in the entire industry. Bitcoin is extremely decentralized and complex on a peer-to-peer network. 

The P2P complex of bitcoin assists the digitalized coinage in achieving the decentralized feature. Bitcoin is the reward of a complicated route named bitcoin mining. Bitcoin mining is consuming an exceeding extent of power for the past few years. 

The energy consumption of bitcoin mining has surged the carbon footprint, which has led to ample allegations and controversies. Bitcoin mining is even alleged to ruin our planet, but no one is actually familiar with the actual impact of bitcoin mining on the environment. To invest in bitcoins, you can visit this trading software.

Bitcoin Mining- An Energy Guzzler!

 Bitcoin mining is the mere route or adds new bitcoin units in the industry. You might be familiar with the fact that bitcoin mining requisite a potential bitcoin mining rig to be utilized alongside a robust power source as competing with fellow miners in order to solve the complicated math puzzle by utilizing a low-end computing device is not possible at all. 

The energy consumed by these bitcoin mining rigs is enormous. All the more, the energy consumption of bitcoin mining is claimed to have a significant impact on the ecosystem and environment. 

Why Bitcoin Mining Consumes Extraordinary Energy?

Bitcoin mining undoubtedly consumes an exceeding extent of energy or any power source. However, the actual reason behind the insane energy consumption of bitcoin mining is proof of work and the potential of a bitcoin mining rig. 

The proof of work model was invented alongside bitcoin in the year 2008, and it requires a block to be mined under the timespan of merely 10 minutes. If a block is mined subsequent to every possible 10 minutes, the mining rig will operate all day long in order to mine bitcoin. All the more, bitcoin mining rig potential enough to mine bitcoins consumes a considerable extent of electricity. 

However, eradicating the proof of work mechanism from the entire complex of bitcoin might decline the energy consumption. Ethereum is exceedingly similar to bitcoin but is arriving at a major update as Ethereum will be complexed on proof of stakes model rather than proof of work model.  

All about bitcoin and carbon emissions. Do miners ruin our planet?

Extent Of Energy Consumed By Bitcoin?

Bitcoin is utterly dependent upon fossil fuel as the primary source of cryptocurrency mining is electricity. All the more, this electricity is derived merely by none other than fossil fuel. The fact might amaze you that bitcoin mining energy consumption is correspondingly dependent upon cryptocurrency price trends.

As per the robust sources, the annualized energy consumed by the bitcoin mining global chain annually is more than 113 TWh. Still, the energy consumption of bitcoin mining is much less than the energy consumption of traditional banking systems and gold mines, as the electricity consumed by this progression is more than 250TWH.   

Carbon Foot Print Of Bitcoin!

Bitcoin mining’s carbon footprint is enormous. The carbon footprint is basically the total greenhouse gas emission, and the greenhouse gas emission is nearby 90.2 million Metric tons. Yes, you read it right. The carbon emission of bitcoin mining is potential enough to push global warming by almost 20 C single-handedly. All the more, not only bitcoin mining progression leaves a carbon emission, but the utilization of bitcoin corresponding consumes an exceeding extent of electricity. 

Is Bitcoin Mining Ruining Our Planet?

Undoubtedly bitcoin mining impacts our environment to an exceeding extent as the carbon emission of bitcoin mining is claimed to incline global warming in the upcoming three decades. China is the capital of bitcoin mining as it generates the highest has rate single-handedly and integrates more than 60% of the hash rate in the bitcoin mining global chain.

Considering the environmental aspects of bitcoin mining, few countries have decided to halt bitcoin mining for a specific time span. The utmost prominent one is New York City, the second one is Iran, and the third is China. The jointed committee of china has decided to halt bitcoin mining for a lifetime in China. 

The fact might amaze you that if bitcoin mining would have sustained in china for four more years, the energy consumption of bitcoin mining overall was potential enough to halt the annualized energy consumption of Italy.

The New York Senate bill has correspondingly addressed the bitcoin mining greenhouse gas emission; the bill is composed to halt bitcoin mining firms and individual miners consuming a nonrenewable source of energy such as electricity. The bill is meant to ban bitcoin mining for almost three years. The bill is only applicable to bitcoin mining pools, not complex on a renewable source of energy. 

Elon Musk On Carbon Emission!

Elon Musk, the founder of tesla motors, has passed few fragile statements regarding bitcoin, which have turned the entire cryptocurrency industry upside down. You might be familiar with the fact that Elon musk announced bitcoin as a payment method for March; all the more, he stated that transactions made in bitcoin would be retained in bitcoin and not be converted into fiat currencies. 

However, the reversal tweet of Elon musk on bitcoin as a payment method subsequent to few months shattered every single individual of the cryptocurrency industry. On the 13th of May 2021, Elon Musk stated that the energy consumption of bitcoin mining is just exceedingly, all the more it is using coal emission, which is the worst emission as per the statement of Elon musk. 

The tweet was majorly an announcement of the suspension of bitcoin as a payment method due to carbon emission and energy consumption. All the more, he stated that tesla motors would accept any cryptocurrency utilizing energy less than one percent. 

Recently Elon musk again tweeted on the bitcoin carbon emission. Elon musk stated that tesla motors would accept bitcoin as a payment method. The instance, bitcoin mining will use much cleaner energy. 

This is all you should know about bitcoin and carbon emission.  

 

Thank you for reading!

Tags: bitcoin, bitcoin mining, cryptocurrency, ethereum, network, software, trading, trends, Tweet

If you liked this post, check out these too: