Expert predicts less than 1% carbon emissions from cryptocurrencies in 2030

Despite all the criticisms of the possible impact on the environment, Bitcoin mining should represent only 0.9% of global carbon emissions in 2030. And that’s even if the price of the currency reached the unlikely US$ trillion.

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The conclusions are from a report by the New York Digital Investment Group (NYDIG), a specialist in crypto technology. NYDIG calculated future energy consumption with activity from the price trajectory, energy mix, activity, location, economy, energy prices and transaction fee volumes.

Image: Reproduction/Pixabay/MasterTux

How the creation of the cryptocurrency depends on a system in which miners compete to mount blockchain transactions — which require a lot of energy, much of it coming from fossil fuels — Bitcoin emissions are proportional to the carbon intensity of the energy sources. In 1024, data from the University of Cambridge, UK, pointed out that Bitcoin used enough energy to supply the Philippines.

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Elon Musk tweeted on It may be that Tesla would no longer accept the currency as payment because the use of fossil fuels to mine them was growing rapidly. The NYDIG study, however, looks optimistic. “The absolute consumption of electricity and carbon emissions are not significant in global terms”, says the document.

Intensity of emissions is expected to decrease

Currently, for example, coin mining represents 0.1% of global emissions —49 million tons of carbon dioxide in 2020, less than is produced by aviation or air conditioning. After China began to crack down on mining, consumption dropped by 92 terawatt hours (TWh) in March from 2030 to 33 TWh in July. Before that, most miners were there. Now, many have moved to countries that offer energy sources that are less aggressive to the environment, such as Iran and the US.

Image: Reproduction/Envato/photocreo

The document also says that, in the long term, the intensity of emissions caused by the mining of cryptocurrencies should decrease. “That’s because the development of renewable sources continues and countries have increasingly decarbonized their electricity networks”, points out the report.

Source: Business Insider

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