This amount of energy is equivalent to the annual consumption of countries like Austria and Portugal.
The energy usage of Bitcoin mining, which is largely powered by coal and natural gas, is closely related to the cryptocurrency's exchange prices, with a decrease in both observed in 2021 due to China's ban on cryptocurrency transactions.
This has significant carbon emissions and associated environmental damage, with estimates showing that each $1 of market value created through mining in 2018 resulted in $0.49 in combined health and climate damages in the US and $0.37 in China.
Bitcoin mining's carbon footprint significantly increased from 0.9 to 113 tonnes of CO2e per coin from 2016 to 2021, according to estimates based on global estimates of the location of BTC miners and the local electricity mix and regional CO2e emission coefficients by generation type.
Check What If Bitcoin Is Mined Using Renewable Energy
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