Report: 284 million trees need to be planted to absorb the carbon dioxide emitted by BTC each year
According to “Fortune” news, a new research report has calculated how large-scale afforestation is needed to offset the massive carbon footprint of encrypted digital currencies such as Bitcoin and Ethereum . Data shows that if you want to absorb the large amount of carbon dioxide emitted by Bitcoin every year, 284 million trees need to be planted.
According to the “Global Impact of Crypto Trading” report released by Forex Suggest, in order to eliminate the pollution caused by Bitcoin mining, it is necessary to start the world’s largest Large-scale afforestation.
The reason is simple: Bitcoin consumes several times more power than competitors. Encrypted digital signature as currency, credits expected bit consumption of about 76 billion kwh year, is nearly three times Square ether, litecoin (Litecoin) 100 times. A total of 57 million tons of carbon dioxide are emitted each year. So much energy consumption only triggers a low transaction volume because the Bitcoin distributed network is slow, and users can only post about 12,000 purchases, sales and transfers on the blockchain every hour. On the contrary, the annual transaction of Ethereum The amount is more than 4 times that of Bitcoin, but the power consumption is far less than half of Bitcoin. The result: Bitcoin consumes an astonishing 707 kWh per transaction, which is 11 times that of Ethereum. To absorb the large amount of carbon dioxide emitted by Bitcoin each year, 284 million trees need to be planted.
In fact, Bitcoin has always been criticized for its high power consumption. Even “10,000 mining machines consume 45 million kilowatt-hours of electricity a month” on the Weibo hot search list. One of the main reasons for the power shortage in Iran is that cryptocurrency “mining” consumes too much electricity, and Bitcoin mining consumes electricity for 1 year. News has surpassed Sweden’s national electricity consumption and other news are not uncommon.
Under the general trend of carbon neutrality, Bitcoin’s energy consumption and its so-called environmentally harmful carbon emission levels have undoubtedly become the hottest topics. Earlier, Tesla CEO Elon Musk also said via Twitter that the company has suspended accepting Bitcoin to purchase its vehicles due to concerns about the rapid increase in the use of fossil fuels in Bitcoin mining.
Bitcoin’s high energy consumption is that its network relies on proof-of-work (POW). In recent years, multiple cryptocurrency networks have gradually shifted to more energy-efficient proof-of-stake (POS). For example, Ethereum 2.0 is shifting from proof of work to proof of stake. However, such a change cannot be replaced overnight. The price of Bitcoin has remained high, and the enthusiasm of the miners has not diminished significantly. According to the Cambridge Bitcoin Electricity Consumption Index study, by the end of this year, the world’s top cryptocurrency Bitcoin will consume approximately 95.68 TWh (terawatt hours, or one trillion watts per hour). This is roughly the same as the electricity consumption in the Philippines. Pakistan’s annual electricity consumption is slightly higher than 120 terawatts per hour. According to Bloomberg News, by the end of this year, the Bitcoin network will consume 91 TW/h, surpassing the 67 TW/h in 2020.
Obviously, mining is a very important climate issue. But before Bill Gates also said that if it uses green electricity, then there may be no problems in the end.
It is worth noting that in May 2021, the Bitcoin Mining Committee (hereinafter referred to as the Committee) was established to announce the use of renewable energy by members of the committee and promote the use of renewable energy. One of the committee’s goals is to regularly publish statistics on energy use in the global Bitcoin mining industry. A recent report showed that the renewable energy utilization rate of Bitcoin miners was 56%. In recent months, the energy structure has been continuously optimized. In the first quarter of 2021, this combination was 36.8%, an increase of 52.2%, and reached 56% in the next quarter, which is impressive. This shows that Bitcoin miners have sincerely decided to use more renewable energy.
Previously, Mike Colyer, CEO of Foundry Digital, the cryptocurrency mining subsidiary of the Digital Currency Group (DCG), also stated that crypto mining may ultimately help the world transition to green energy. He believes that as major energy companies see the economic benefits of Bitcoin and other cryptocurrency mining, this may lead to reorganization of capital and operations. Colyer stated that Bitcoin mining is a “huge stabilizer” for the power grid, and this technology may become “a bridge between current energy production and 100% of the world’s energy from renewable sources.”
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