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Bitcoin mining consumes more electricity than most countries, study suggests

To offset the carbon footprint of mining the leading cryptocurrency, a UN report has said more than 3.9 billion trees would need to be planted.

Sky News, Tuesday 24 October 2023 

Bitcoin mining consumes more electricity than most countries, according to a new report on its damaging environmental impact.

Mining is the process by which transactions are added to and validated on the blockchain, the public ledger for cryptocurrencies.

Competing miners race to use computers to solve complex mathematical puzzles using extremely powerful hardware – receiving new Bitcoin as a reward for their efforts.

In 2020 to 2021, Bitcoin consumed 173.42 terawatt hours of electricity – enough to rank it 27th among nations, trumping the likes of Pakistan with a population of over 230 million people.

The resulting carbon footprint was the equivalent of burning 84 billion pounds of coal……………………………………………………………………………..

At the time of the UN study in 2021, China was by far the biggest Bitcoin mining nation – but it has since been overtaken by the US after Beijing launched an aggressive clampdown on the practice.

Combined, the 10 countries that mined the most Bitcoin were responsible for 92% of the climate footprint………………………………………………..  https://news.sky.com/story/bitcoin-mining-consumes-more-electricity-than-most-countries-study-suggests-12991456?fbclid=IwAR0y79GtFUU0bYTTo_bP2LbMSt5ybmCw19OTTF2jPZAUUWktAcYQJvDOSaQ#:~:text=In%202020%20to%202021%2C%20Bitcoin,84%20billion%20pounds%20of%20coal

October 28, 2023 - Posted by Christina Macpherson | ENERGY