In a groundbreaking study published in Nature Communications, researchers from Tsinghua University and the Institute of Mathematics and Systems Science of the Chinese Academy of Sciences have unveiled the rapid escalation of energy consumption and carbon emissions associated with Bitcoin mining in China. The findings suggest that unless stricter regulations and policy adjustments are implemented, these burgeoning impacts may undermine global efforts toward sustainability.
The decentralized and transparent nature of blockchain technology, upon which Bitcoin relies, allows for secure, peer-to-peer transactions without the need for centralized authorities. However, Bitcoin mining demands relentless processing power from computers, a process that directly correlates with increased energy usage.
Utilizing a simulated carbon emission model, the researchers led by Guandabao Guan of Tsinghua University tracked the carbon emission flows of China’s Bitcoin blockchain operations. Based on the current trend in Bitcoin mining, they projected that energy consumption from blockchain operations will reach a peak of approximately 297 trillion watt-hours by 2024, with around 130 million tons of carbon emissions—more than the annual greenhouse gas emissions of all medium-sized European countries, such as Italy or the Czech Republic. The authors emphasize the crucial role of policy intervention in mitigating these impacts. However, upon inputting various scenarios into their model, they found that current policies like carbon taxes are not effective in curbing emissions from the Bitcoin industry. Instead, they suggest that targeted individualized regulations for Bitcoin miners are the best approach to alter the current energy structure and reduce future emissions from blockchain operations.
Distribution of Bitcoin mining pools. Source: Jiang et al.
© Nature
Nat Com | doi: 10.1038/s41467-021-22256-3
Read the full paper by clicking “Read More”:
Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China
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