- BTC Mining now consumes 101 TWh or 0.45% of world power.
- Bitcoin mining, projected to need more energy over the next decade.
The enormous energy required for crypto mining has made Bitcoin’s carbon impact a major industry concern. It takes sophisticated gear and a lot of energy to participate in the Bitcoin blockchain validation process.
Beyond cryptocurrencies, blockchain solutions are being explored. While not all blockchain systems use as much energy similar to Bitcoin’s protocol, environmental problems and control issues needs consideration. Despite this, recent research estimates that BTC mining will only account for 0.9% of world carbon emissions by 2030.
Data from 2020, used to predict the future growth of Bitcoin mining. The researchers estimated Bitcoin miners’ historical energy usage based on network hashrate and equipment efficiency.
Carbon Emission To Remain Modest
The 2020 energy usage, projected to be around 62 terawatt-hours (TWh). This rate grew to 92 TWh in March 2021 but dropped to 49 TWh in July owing to Chinese crypto mining restrictions. The study’s authors believe Bitcoin mining generated 33 million tonnes of CO2 last year or 0.1 percent of worldwide CO2 emissions.
It now consumes 101 TWh or 0.45% of world power. The Bitcoin network uses more energy than the entire country of the Philippines, according to Cambridge University.
NYDIG’s research revealed:
“Bitcoin’s absolute electricity consumption and carbon emissions are not significant in global terms, representing 0.04 percent of global primary energy consumption, 0.2 percent of global electricity generation, and 0.1 percent of global carbon emissions.”
While opponents sometimes point to Bitcoin’s carbon emissions, mining produces less than other technologies.
Bitcoin mining is projected to need more energy over the next decade as the price rises. However, carbon emissions will remain modest, at about 1% of global CO2 emissions. The research also highlighted Bitcoin’s usage in hyperinflationary nations.