Cryptocurrency mining, particularly Bitcoin, consumes significant energy, estimated at 120-150 TWh annually, comparable to countries like Argentina or Norway. It contributes 0.2-0.9% to global electricity use, with 60-77% powered by fossil fuels, leading to 55-65 million tons of CO2 emissions yearly. This strains energy grids, raises electricity costs, and impacts climate goals. Miners often seek cheap, fossil-fuel-based energy, exacerbating environmental harm. However, shifts to renewables and proof-of-stake models, like Ethereum’s, could reduce impacts. Regulation and green tech are critical to balance innovation and sustainability.
- https://www.eia.gov
- https://carboncredits.com
- https://unu.edu
- https://rmi.org
- https://www.sciencedirect.com
- https://digiconomist.net