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The red Bitcoin miner represents 0.08% of the world’s CO2 production – Crypto news from the World – World News in Spanish

In a new report published Per CoinShares on Monday, the company estimated that the Bitcoin (BTC) mining network reached 42 megatons, or Mt (1Mt = 1 million tons) of carbon dioxide, or CO2, in 2021. In context, the number rose to minus 0.08% of total global emissions of 49,360 Mts of CO2 in the same year. CoinShares came up with tales using a variety of estimates about the efficiency of the Bitcoin network, its power usage, hardware, etc., on a global scale. As a result, it may not reflect the actual CO2 emission of the network. But the report’s estimate of global CO2 emissions mostly matches industry figures.

Furthermore, the report estimates the total electricity consumption of the Bitcoin network at 89 terawatt-hours (TWh), well below the estimates of an institution such as the University of Cambridge. This is especially the case given that the Bitcoin network hash rate has reached new all-time highs. That said, electricity consumption alone is not a true contextual measure of the environmental impact of the Bitcoin network. This is because CO2 emissions come from many sources, like private cars to begin with.

The report sheds light on a growing debate about the environmental impact of Bitcoin mining. For example, prominent individuals like Elon Musk have rescinded their adoption of Bitcoin for commercial use in the past due to concerns about power usage. The CoinShares report suggests that roughly 60% of Bitcoin mining activity comes from fossil fuels, which is on the lower bound of the industry estimate as some have put the metric at a mere 25%. However, if the report’s claims are accurate, it shows that Bitcoin’s overall environmental impact is negligible from a global standpoint.

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