The report’s sponsoring environmental organisations advised US states to take this into consideration if they want to keep the targets for combating climate change within reach.
According to a research released on Friday by environmental organisations, the US bitcoin industry’s annual carbon emissions are now comparable to those of 6 million cars.In order to protect the environment, the organisations encouraged US governments to take into account outlawing new mining activities.
We’re at a turning moment, he declared. “We’re attempting to decarbonize quickly… Some of that advancement could potentially be undone by bitcoin mining.According to a calculator from the Environmental Protection Agency, the industry’s carbon footprint from mid-2021 through 2022 was 27.4 million tonnes, which is close to the annual emissions of 6 million cars and three times that of the largest US coal plant.A network of power-hungry computers is used in bitcoin mining to compete for new currency while also verifying previous transactions. According to a recent White House study, only 3.5% of the world’s bitcoin mining took place in the United States in 2020; today, that percentage is close to 38%.
The organisations encouraged US states to take into account prohibiting fresh mining ventures. A law to halt any new fossil fuel-powered activities in the state was passed this year by the New York Assembly.
According to the White House research, the cryptocurrency sector utilises between 0.09 percent and 1.7% of all US electricity, which is far less than other heavy industries, according to bitcoin industry associations.More than half of the power utilised by its miners comes from renewable sources, according to data published by the Bitcoin Mining Council, which represents several significant participants in the industry.An inquiry for comments received no response from the council.According to Elliot David of Sustainable Bitcoin Protocol, a business that collaborates with miners to encourage the use of sustainable energy, “Bitcoin is a technology with a lot of positive and bad climate potential.”
It depends on your point of view; if you compare it to other industries, like cement, for instance, it’s relatively clean, he said, according to the Thomson Reuters Foundation.However, in order to address the climate catastrophe, every industry must participate.
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