RATE Group | Bitcoin Causes 0.03%-0.06% of Global CO2 Emissions
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Bitcoin Causes 0.03%-0.06% of Global CO2 Emissions

23 Jul Bitcoin Causes 0.03%-0.06% of Global CO2 Emissions

Posted at 18:50h in Bitcoin News by

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According to a report released on July 23 by the International Energy Agency Bitcoin (BTC) mining is likely responsible for 10‑20 Metric tons (Mt) of carbon dioxide (CO2) per year or 0.03-0.06% of global energy-related carbon dioxide emissions.

Bitcoin consumed more in 6 months than Ireland in 12

Per the report, the recent price and hash rate increase of the Bitcoin network increased its energy consumption, and it is estimated that during the first six months of 2019 it has already consumed 29 TWh. This is more than the annual energy consumption of Ireland (26 TWh).

Annual Bitcoin’s energy consumption estimates range from 20 TWh to 80 TWh, with the agency’s own estimate being 45 TWh. But despite allegedly consuming more energy than Ireland, this means Bitcoin still consumes less than electric vehicles (58 TWh in 2018).

Bitcoin mining is mostly powered by renewable energy

The report’s author further points out that Bitcoin mining hotspots tend to start in places rich in cheap,…

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