A new study suggests that if bitcoin keeps growing, it could produce carbon emissions that will raise global temperature by 4 degrees Fahrenheit in 2033.
Bitcoin (BTC) Price Today – BTC / USD
A co-author and master’s student at the University of Hawaii Manoa, Randi Rollins said,
“Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands.”
How mining works
Many cryptocurrencies, as well as bitcoin, are assets that only exist in digital form. They are created and exchanged without the help of banks or governments. New cryptocurrencies are mined by computers when complex mathematical problems are solved.
Cryptos are stored in digital wallets and are used to buy things. The transactions are recorded in computers in a public ledger. Cryptos can be bought at exchanges, and the entire process uses a lot of electricity.
It was recorded that bitcoin use generated 69 million tons of carbon dioxide, and this is equal to the amount emitted by Austria.