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in a new report post Via CoinShares on Monday, the firm estimated that Bitcoin (Bitcoin) The mining network emits 42 megatons or Mt, (1Mt = 1 million tonnes) of carbon dioxide or CO2 in 2021. For context, this figure is less than 0.08% of the world’s total emissions of 49,360 Mt CO2 in the same year. CoinShares arrives at these figures using various estimates of Bitcoin network efficiency, energy usage, hardware, and more on a global scale. Therefore, it may not reflect the actual CO2 emissions of the network. But the report’s estimates of global carbon dioxide emissions are largely consistent with industry data.
Additionally, the report estimates the Bitcoin network’s total electricity usage at 89 terawatt-hours (TWh), well below estimates put forward by institutions such as the University of Cambridge.Given that the hash rate of the Bitcoin network has reached all-time highThat said, electricity usage alone is not a true contextual measure of the environmental impact of the Bitcoin network. This is because global CO2 emissions come from many sources in the first place, such as private cars.
The report sheds light on a growing debate about the environmental impact of Bitcoin mining.For example, influencers like Elon Musk canceled their adoption of bitcoin Used for commercial use in the past due to energy usage issues. The CoinShares report suggests that about 60% of Bitcoin mining activity comes from fossil fuels, which is well below the lower bound of industry estimates, as some believe the metric is only 25%. However, if the report’s claims are accurate, it suggests that Bitcoin’s overall environmental impact is negligible from a global perspective.
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