The emergence of cryptocurrencies took place a few years back but now a new study shows Bitcoin mining alone can raise the planet’s temperature by atleast 2 degree celsius in just 15 years. Experts believe that it is going to have a serious impact on the climate.
The experts at the University of Hawaii analyzed emission information received from multiple different stages of the cryptocurrency mining chain. They found that the mining processes generate enormous emissions, which will increase the earth’s temperature. An increase in temperature of around 1.5 degree celsius will lead to irreparable catastrophic climate effects on the earth.
Since Bitcoin mining requires heavy hardware requirements, the processes consume massive amount of energy including the emission of carbon dioxide. The reports argue that it alone could be responsible for adequate carbon emissions to raise the planet’s temperature by 2 degree celsius within 2033. This is a kind of warning as the experts believe that Bitcoin can do that pretty much alone.
Jon Truby of Qatar University noted that it could consume as much energy to mine a single Bitcoin as it would require powering single house for months. The University of Hawaii’s researchers published a paper in Nature Climate Change in which they estimated the use of Bitcoins in the previous year emitted 69 million metric tons of carbon dioxide, which is as much as 15 coal-fired power plants.
Since the advent of the industrial revolution and coal mining at a large extent, the overall earth’s temperature also increased by 1 degree celsius. According to the researchers, another 0.5 degree celsius rise in temperature could cause 40 centimeters to rise in sea level along with a marked decline in crop yields.
“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list,” co-author master’s student Katie Taladay said, as reported by Express.
Although some Bitcoin and other cryptocurrency miners are already pushing for clean power, a Dutch economist Alex De Vries said that renewable energy can mitigate the worst effect of mining the digital currencies since renewable energy production is highly variable.
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