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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Impact on Climate Change Negligible, Nearly Half of Emissions From China

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin mining emissions china

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Recently, it was reported that Bitcoin mining now consumes as much as a quarter percent of the entire world’s electricity supply, putting it on par or higher than many small nations.

However, the actual emissions and impact on climate change, according to a new study, aren’t as negative as once believed.

Bitcoin Mining Emissions Aren’t As Bad As Once Believed

Bitcoin’s blockchain network is secured and validated through a process called proof-of-work, where “miners” utilize powerful computer processing to solve complex mathematical equations.

Related Reading | Bitcoin Mining Now Consumes A Quarter Percent Of Global Electricity

Specially designed computers consume large amounts of electricity in order to solve these mathematical equations. Miners are rewarded for their time, effort, and expensive in electricity with a set amount of Bitcoin – currently at 12.5 BTC.

Mining difficulty rises as time goes by, requiring more and more energy supply. Meanwhile, the reward miners receive for their efforts and money invested decreases at each scheduled halving – a pre-coded event where the block reward miners receive is cut in half.

Because over time, both BTC earned is reduced but energy requirements continue to rise, Bitcoin has been cause for concern in terms of its overall impact on the climate. However, a new study has revealed that the impact Bitcoin has on climate change, is significantly smaller than once thought.

China Accounts For 47% Of The Crypto Asset’s Carbon Emissions

Susanne Köhler and Massimo Pizzol of Denmark’s Aalborg University claim that previous studies used data that assumed electricity generation in China – where as much as half of all Bitcoin mining takes place due to cheaper energy costs – was the same across the board.

But the new study breaks down emissions within China to a regional level, showing much lower emissions of 17 megatonnes of CO2. The previous study had nearly four times the amount of emissions pegged to Bitcoin, at 63 megatonnes of CO2 per year.

For example, hydropower in the Chinese province of Sichuan contributed to lower overall emissions, while Mongolia’s coal-favored energy sources added to it significantly.

Overall, China alone accounts for 47% of all of Bitcoin’s carbon emissions, from a global standpoint. Canada, Russian, and the United States follow, in terms of global leaders contributing to Bitcoin-related emissions.

The study also further points out that it is almost entirely the electricity used for Bitcoin mining that contributes to the emissions, and that the production and disposal of mining equipment only accounts for just 1% of Bitcoin’s total emissions.

Related Reading | Major Bitcoin Milestone: Only 3 Million BTC Left To Mine

Because Bitcoin’s mining is decentralized and spread throughout the world, Köhler and Pizzol say its difficult to get an accurate read on emissions, and that more data is needed to truly understand its impact on climate change.

With the crypto asset’s network only growing, and mining difficulty increasing, energy consumption will only grow as well, the discussion of Bitcoin’s impact on climate change will likely continue for the foreseeable future.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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