Since the inception of the Bitcoin network up to 21 September 2022, Bitcoin miners produced 199.65 million tonnes of CO2e, according to данные from the Cambridge Centre for Alternative Finance (CCAF).
An annual figure sits at 48.35 million tonnes of CO₂, equal to 0.1% of global emissions. Аналогичный объем газа is produced by Nepal – 48.37 million tonnes and ЦАР – 46.58 million tonnes. For comparison, the gold mining industry emits 100.4 million tonnes of greenhouse gases in a year.
The figures are based on the geographic distribution of Bitcoin mining in January 2022. CCAF combined the latest data with publicly available information on electricity production in different regions.
However, the data do not cover emission-reduction measures, including the use of flare gas, autonomous mining, рекуперацию of exhausted heat and other factors.
“We lack data to document this,” said report author Alexander Noymuller.
CCAF researchers also calculated that the share of green energy in Bitcoin mining is 37.6%. This estimate contrasts with Bitcoin Mining Council’s figures for Q2 2022, estimated this share at 59.5%.
According to CCAF’s findings, current annual CO₂ emissions from mining the first cryptocurrency fell 14.1% compared with 2021. At the same time, electricity consumption declined during a period of significant network hashrate growth, indicating improved hardware efficiency.
“Miners act rationally, turning off unprofitable machines and continuing to operate with the more profitable ones,” added Noymuller.
Earlier in September, the White House released a report, urging regulators to consider imposing stringent measures on Bitcoin mining due to its large carbon footprint.
In the same month, the Environmental Working Group said there is a need for the transition of Bitcoin to the Proof-of-Stake algorithm.
For why the issue of Bitcoin’s environmental impact is exaggerated, read ForkLog’s special feature.
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