Bitcoin community’s proof-of-work mining consensus has been a subject of evironmental, social and governance (ESG) debates for a very long time and a brand new study could solely add to the rising controversy round BTC’s carbon footprint.
A brand new analysis report titled “Revisiting Bitcoin’s carbon footprint” revealed within the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban won’t have contributed to the discount within the carbon footprint of the Bitcoin community as propagated by many Bitcoiners, quite the opposite, it has elevated by 17%.
China was the first hub for Bitcoin miners earlier than Might 2021 and accounted for greater than 60% of the entire Bitcoin community hashpower. Nevertheless, the blanket ban imposed by the federal government led to the migration of many of the mining farms in another country. China’s BTC mining hashpower share fell from over 60% in Might to close zero in August, with miners shifting to the US, Russia and Kazakhstan.
Crypto pundits predicted that the migration of miners out of China wouldn’t solely make BTC mining extra decentralized in addition to greener however, the brand new Joule report exhibits in any other case. The brand new analysis report highlighted that the quantity of renewable vitality used to energy BTC mining has declined from 42% to round 25% since final August.
The research tracked the supply of electrical energy powering mining operations to calculate the carbon emissions of the BTC community and located that the highest crypto blockchain emits 65 megatons of carbon dioxide yearly. The research concluded that miners in China have been extra renewable energy-focused than many of the prime mining international locations immediately.
Alex de Vries, one of many authors of the report, informed Cointelegraph:
“The research on the whole highlights how Bitcoin mining bought even dirtier after the Chinese language mining crackdown of final 12 months. Quite a lot of the hydropower miners beforehand had entry to right here have now been changed by pure gasoline (within the U.S.). On prime of that, the coal-based electrical energy in Kazakhstan can be dirtier than Chinese language coal-based electrical energy. Altogether, that makes proof of labor mining much more carbon-intensive than it already was.”
The Joule journal research additional contradicts a report pushed by the Bitcoin Mining Council led by MicroStrategy CEO Michael Saylor, which claimed that the Bitcoin community makes use of as much as 66% sustainable vitality.