Now Reading
Study shows that Bitcoin mining is more damaging to the environment than the ban in China

Study shows that Bitcoin mining is more damaging to the environment than the ban in China

Original post here.
By: Best Owie

Overview

The China ban on bitcoin mining in China, which took place mid-2013, was a significant blow to the sector. It saw the region, once called the mining capital in the world,’s hashrate drop to almost zero as miners had their operations shut down. The Chinese government explained that this was due to concerns about electricity consumption as well as environmental impact. The miners had to establish new businesses and obtain electricity for their mining farms. This can be very energy-intensive. A new report shows that these new energy sources are largely non-renewable compared to the sources used by miners in China. This means that bitcoin mining has had a greater energy impact in recent months. The Bitcoin Mining Carbon Footprint is Worse. It’s been less than a year that China banned bitcoin mining. Already, the energy-related effects are being felt. Following the ban, the general consensus was that miners would look for more renewable energy sources to avoid repeating the problems in the region. New research has proven that this isn’t true. The environmental impact of bitcoin mining is only getting worse. Related Reading: TA: Why Bitcoin must Close Above $40K to Reverse Trend China is a country that is known for its large use of hydropower. The country’s miners used a lot of renewable energy in their operations.|TA: Why Bitcoin Must Close Above $40K For Trend Reversal China is a country known for its wide use of hydropower, a renewable energy source, and the miners in the country had used a significant amount of renewable energy for their operations. Even then, the mining industry’s carbon footprint was enough to make a stink. The Joule journal revealed that miners have not increased their renewable energy consumption. Source : BTCUSD at TradingView.com. The study shows that miners have been using less renewable energy since the ban.| Source: BTCUSD on TradingView.com The study shows that the amount of renewable energy used by bitcoin miners has fallen since the ban. This number was at its highest in August, when it reached 42%. In the seven months since, the percentage of renewable energy used in mining have fallen to as low 25 percent. Bitcoin Staggers After Putins Nuclear Deterrence Alert Warning Bitcoin mining continues to produce significant amounts of carbon dioxide yearly.|Bitcoin Staggers After Putins Nuclear Deterrence Alert Warning Bitcoin mining continues to produce significant amounts of carbon dioxide yearly. Bitcoin mining is less environmentally friendly than ever with 65 megatons of carbon dioxide being produced each year. In comparison, the entire nation of Greece produced less carbon dioxide than bitcoin mining in 2019, at 57 megatons. This means that miners are producing more carbon dioxide than entire countries. Many of the miners who fled China have moved to countries with more coal-burning power, such as China. This study shows that mining is now less friendly to the environment. Its carbon intensity has increased by 17%. Featured image by Bloomberg, chart from TradingView.com

The Post

The China ban on bitcoin mining that was implemented in mid-2013 was a devastating blow to the industry. It saw the region, once called the mining capital in the world,’s hashrate drop to almost zero as miners had their operations shut down. The Chinese government explained that this was due to concerns about electricity consumption, and environmental impact.

The miners had to establish new businesses and obtain electricity for their mining farms. This can be very energy-intensive. A new report shows that these new energy sources are mainly non-renewable compared to the sources used by miners in China. This means that bitcoin mining has had a greater energy impact in recent months.

Bitcoin Mining Carbon Footprint Now Worse

It’s been less than one year since China banned bitcoin mining. The effects are already being felt energy wise. Following the ban, the general consensus was that miners would look for more renewable energy sources to avoid repeating the problems in the region. New research has shown that this isn’t true. Instead, bitcoin mining has made things worse.

Related Reading|TA: Why Bitcoin Must Close Above $40K For Trend Reversal

China is a country that makes extensive use of renewable energy sources like hydropower. The country’s miners had used a lot of renewable energy in their operations. Even then, the mining industry’s carbon footprint was still quite significant. The Joule journal shows that miners have not increased renewable energy consumption.

Source: BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com

According to the study, bitcoin miners have used less renewable energy since the ban. This number reached 42% in August, when it was at its highest. But, in just seven months, renewable energy use has plummeted to 25%.

Bitcoin Staggers After Putins Nuclear Deterrence Alert Warning|Bitcoin Staggers After Putins Nuclear Deterrence Alert Warning

Bitcoin mining continues producing significant amounts of carbon dioxide each year. Bitcoin mining is now less green than ever, producing over 65 megatons annually. In comparison, the entire nation of Greece produced less carbon dioxide than bitcoin mining in 2019, at 57 megatons. This means that miners are producing more carbon dioxide than entire countries.

Many of the Chinese miners who left China have moved to countries where they can get energy from burins hard coal, which is more polluting. This study shows that mining is now less friendly to the environment. Its carbon intensity already increased by 17%.

Featured image taken from Bloomberg, chart from TradingView.com

View Comments (0)

Leave a Reply

Your email address will not be published.