According to the report, mining for bitcoin and other cryptocurrencies consumes a lot of energy—more than any small country does. For instance, ‘BTC mining consumed 75.4 TWh yr1 of electricity in 2020, which is more than Portugal (48.4 TWh yr1) or Austria (69.9 TWh yr1) did. BTC values and mining energy consumption are closely correlated, and there is a general increasing time trend in BTC electricity use.’
The study assessed the energy intensity of bitcoin mining as well as the annual emissions from mining between 2016 and 2021. Using those calculations, the researchers calculated the possible expenses related to the climate and dangers that such emissions might produce.
The analysis found that for every $1 in market value of Bitcoin, there was an average loss of 35 cents to the global environment. The predicted costs of mining bitcoins were expected to be far greater as a percentage of market value than those of mining gold.
Transactions can be carried out using cryptocurrencies, such as bitcoin, which are forms of decentralised digital money. The blockchain cryptographic technology secures and verifies these online transactions.
based on binance.com, ‘The method by which Bitcoin transactions are validated and added to the blockchain is known as mining. Finding an accurate answer to challenging math problems is the aim of miners. New bitcoins and transaction fees are awarded to miners who successfully solve these problems.’
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