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.
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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.
Methane and carbon dioxide are the main greenhouse gases have caused the atmosphere of the earth to warm to levels that can’t be explained by natural causes.
These concerns may be overblown
Many experts believe that these concerns are overblown. Cryptos are not mainstream yet, and they are not used in daily life situations. This makes it unfair to compare potential adoption of bitcoin with the previous consumer technology.
While concerns of global warming should be taken seriously, there are some facts we cannot ignore. The world needs a lot of energy to function. Even electric cars need to be charged with energy. Leaders clamoring for an end to global warming use commercial jets as well that can impact the environment.
The human civilization and all that it involves requires a lot of energy. This is not a bad thing. There are other more viable options to combat global warming. The concerns will disappear if the world embraces the newest and safest technology for nuclear energy. This endless supply of clean electricity that generates CO2 could end the threat of global warming.