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Many people have become millionaires overnight thanks to bitcoin, and their success stories have encouraged many more people to invest in decentralised digital currencies.But success also has a price, just like there are no free meals in life.The climate-related effects of cryptocurrency mining could be more pronounced and severe than previously thought.A recent study, which was published in the journal Scientific Reports, found that mining bitcoins has a greater negative impact on the climate than either extracting natural gas or raising cattle for food.
This strengthens the body of evidence that is already accumulating against the environmental impact of bitcoin, indicating that a sustainable future for cryptocurrencies in general and bitcoin in particular may not be in the cards.The beef industry continues to cause environmental harmat a third of its market price.The corresponding percentage for natural gas is 46%.Bitcoin is forced to pay a price equal to 35% of its market value because it is caught in the middle of these destructive forces.The climate impact of gold, which is frequently used as a comparison for bitcoins, is only 3,8%. Since Bitcoin is anything but "digital gold," researchers contend that comparing it to other industries such as beef, crude oil, or natural gas would help responsibly predict its future.The researchers observed that it is more "digital beef" than "digital gold."This brings up crucial issues regarding how Bitcoin and the larger cryptocurrency culture must prepare for a future that demands sustainability.The "proof-of-work mining" method used by Bitcoin necessitates a significant amount of computing power.
electricity. According to a piece by Columbia Climate School, "the computers also use more energy because they produce heat and need to be kept cool.Although it's impossible to determine the precise amount of electricity used by bitcoin because different computers and cooling systems have varying degrees of energy efficiency, estimated that bitcoin mining uses 121.36 terawatt hours annually.This is more than what Google, Apple, Facebook, and Microsoft collectively consume, or what all of Argentina consumes.The current study specifically highlights the environmental impact by putting bitcoin's impact in comparison to other energy-intensive industries.The researchers claim that it raises "a set of red flags for any consideration as a sustainable sector" because it is so bad.The Guardian commented on the results, saying "The climate damage for each dollar of value created for bitcoin was 10 times worse than for wind and solar generation."A grim reality is revealed by the rising obsession with cryptocurrencies, which is frequently referred to as the market that "cool people" invest in.Because it will only be competing with other efficient mining hardware, more efficient mining hardware won't help.This implies that bitcoin's energy consumption and consequent CO2 output only increase, according to David.
