Bitcoin (BTC) mining or even any Cryptocurrency mining in the widest context is a wasteful process. For all the miners, to collect more of the Cryptocurrency, a powerful computing hardware is required that is capable of solving the increasingly difficult and as well as the pointless puzzles. Therefore, the more is the computing power, the better are the chances of making money. According to the recent study aiming to put a figure on the industry, the Bitcoin mining accounts for about 0.2% of the total global electricity consumption and as well as produces as much as carbon dioxide (CO2) similar to the production of CO2 in the Kansas City.
The analysis had been published in the journal named Joule that claims to deliver a more accurate estimate of Bitcoin’s (BTC) carbon footprint than previous studies by utilizing the data from the initial public offering or IPO filings of the major companies involved in producing hardware for mining Bitcoin (BTC) Currency. An estimate of the same in the last year’s Joule publications stated that the mining operations might account for 0.5% of the worldwide electricity use by the end of 2018 and eventually by 5%. Whereas the percentage revealed is quite low.
A latest study by the researchers at MIT and the Technical University of Munich suggests that Bitcoin (BTC) mining was consuming 45.8 terawatt hours of the electricity per year as of November 2018. This in turn has produced an estimated annual emission between 22 and 23 megatons of carbon dioxide slotting the operations between the nations of Jordan and Sri Lanka in terms of the greenhouse gas pollution. The IPO team has also used the IP addresses of the device to determine the geographical locations of the mining operations that let them calculate emissions considering the mix of the electricity sources in those areas. Combining all of these, the researchers were able to approximate the overall carbon footprint.
Jonathan Koomey a renowned researcher who has long studied the effects of the information technology on energy use and emissions said in an email that there are several reasons to visualize the latest estimates cautiously. The first and foremost, the volatility of the Cryptocurrency market means the impact in November 2018 does not primarily reflect the impact today as the mining falls and rises with prices. He also found out that the estimates of energy efficiency are not necessarily reliable.
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