Bitcoin Carbon Emissions 50 Times Lower Than Aviation: Coinshares
Another Report Ruins Bitcoin Critics’ “Holy Grail”: No, The Flagship Crypto Isn’t That Bad For The Environment
Bitcoin (BTC) is routinely slammed due to high electricity consumption and a monstrous carbon footprint. But should we still be listening to these diatribes in 2022?
Bitcoin, aviation, gold or clothes dryers: which is better for the environment?
According to the latest Bitcoin Mining Network Report by digital asset management veterans Coinshares, Bitcoin’s (BTC) impact on climate change is grossly overstated when compared to some industries, let alone some nation-states.
[2/6] Some highlights from the report include: At an annual energy consumption of 89 TWh (December 2021), the Bitcoin mining network uses about 0.05% of the total energy consumption worldwide, measured at 162,194 TWh (2019). pic.twitter.com/3Nvaitdn8H
— CoinShares 👩🚀 (@CoinSharesCo) January 28, 2022
For starters, all Bitcoin (BTC) miners on Earth collectively use just 0.05% of global electricity consumption. Bitcoiners are responsible for 89 TWh, while the world’s population consumes 162,194 TWh.
When it comes to carbon footprints (calculated as tons of carbon dioxide emitted by this or that industry in 12 months), Bitcoin (BTC) mining can’t even compete with some segments.
It emits 50x less CO2 than aviation, 25 times less than air conditioners and half as much as the data center segment. Even the world’s tumble dryers emit 12% more CO2 than Bitcoin (BTC) miners.
Bitcoin has every chance of completely offsetting its carbon footprint
Since Bitcoin (BTC) is often compared to digital gold, it is interesting to admit that the gold mining industry is three times more dangerous for the environment than Bitcoin mining.
But even these numbers can be reduced: The Bitcoin (BTC) mining segment could benefit from switching to flared and vented natural gas. Should this revolution happen, Bitcoin mining would become carbon negative globally.
As previously described by U.Today, Alex Gladstein, a proponent of Bitcoin (BTC), noted that Bitcoin’s (BTC) environmental footprint can be compared to that of cruise ships.