Environmental impact of bitcoin

Bitcoin mining facility in Quebec, Canada

The environmental impact of bitcoin is significant. Bitcoin mining, the process by which bitcoins are created and transactions are finalized, is energy-consuming and results in carbon emissions, as about half of the electricity used in 2021 was generated through fossil fuels.[1] Moreover, bitcoins are mined on specialized computer hardware with a short lifespan, resulting in electronic waste.[2] The amount of e-waste generated by bitcoin mining is comparable to that generated by the Netherlands.[2] Scholars argue that bitcoin mining could support renewable energy development by utilizing surplus electricity from wind and solar.[3] Bitcoin's environmental impact has attracted the attention of regulators, leading to incentives or restrictions in various jurisdictions.[4]

  1. ^ Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). "Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?". The New York Times. ISSN 0362-4331. Archived from the original on 17 February 2023. Retrieved 1 February 2022.
  2. ^ a b Cite error: The named reference deVries2021 was invoked but never defined (see the help page).
  3. ^ Cite error: The named reference You2023 was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference Stoll2023 was invoked but never defined (see the help page).

Environmental impact of bitcoin

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