Is Bitcoin Mining Worsening The Climate Change Problem?

• The coronavirus era is observing the world going crypto crazy. The dramatic surge in the value of Bitcoin has been reviving investors and businesses’ interest in the cryptocurrency space.

• shockingly, one Bitcoin transaction generates the carbon dioxide equivalent to over 1.1 million VISA transactions or over 89,000 hours of watching YouTube. In fact, if Bitcoin were a country, its annualized estimated carbon footprint would be comparable to Sweden at over 52 million tonnes of carbon dioxide.

• These statistics have been provided by the well-known platform Digiconomist, which is targeted at exposing the unintended consequences of digital trends, generally from an economic perspective.

• Bitcoin mining in China is so carbon intensive that it could potentially undermine worldwide sustainable efforts and can jeopardise its greenhouse emission reduction target.

• The exponential rise in the price of Bitcoin over the last one year has put cryptocurrency on the map in the investment space. At the same time, the growing importance of digital currency has bolstered the incentives to mine and use Bitcoin, increasing the likelihood of further uptick in carbon emissions.

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