Cryptocurrency mining, which has been on the world’s agenda for some time, has reached incredible levels, especially in China. China, the country with the highest air pollution, also came up due to electricity consumption. In a report published in Nature Communications, the researchers highlighted the damage cryptocurrency mining does to nature.
China will make the world ‘uninhabitable’ for cryptocurrency mining
After cryptocurrency mining came into our lives, the global climate crisis and sustainability problems increased rapidly. Increased carbon emissions due to high electricity consumption have prompted climate crisis researchers.
Bitcoin mining causes 130.5 million tons of annual carbon emissions in China, the researchers said, underlining that this issue triggered the climate crisis. In 2020, It was announced that China has about 79 percent of bitcoin operations.
“Simulation of Bitcoin mining in China has been created. According to the results obtained, it was determined that annual electricity consumption of 296.59 Twh (Terawatt hours) will be reached in 2024. ” is included in the statements.
Researchers at Tsinghua University and the Chinese Academy of Sciences said governments should increase the carbon tax because of carbon emissions exceeding 130 million tons in China alone. In addition, bitcoin mining generated approximately 13 million tons of CO2 emissions between 2016 and 2018.
“Due to the rapid development of hardware technologies, competition in the mining sector has increased. Many cryptocurrency miners are adding new hardware to their systems to make more profits. This move, which increases energy consumption, causes air pollution to increase exponentially. China, one of the signatories to the Paris agreement, cannot afford the emissions reduction effort because of cryptocurrency miners. ” he said.