Dave - Cryptocurrency Enthusiast
According to a survey by environmental organizations, US Bitcoin mining emits as much carbon dioxide annually as 6 million automobiles. Following the publication of the research on Friday, the organizations pushed for a ban on new Bitcoin mining operations in the US due to the harm posed by global warming.
Energy-hungry industries may emit emissions that can undermine all efforts being made to combat climate change, according to Jeremy Fisher, an energy analyst for the Sierra Club and co-author of the research.
“We’re at an inflection point. We’re trying to rapidly decarbonize. Bitcoin mining has the potential to undo some of that progress”, as reported by Jeremy Fisher. The carbon footprint of the cryptocurrency industry was calculated by the Environmental Protection Agency to be 27.4 million tons between mid-2021 and mid-2022, which is three times the carbon footprint of the largest US coal plant.
According to a recent White House research, only 3.5% of all Bitcoin mining activity worldwide took place in the US in 2022, but that percentage has since increased to 38%.
The New York Assembly adopted a bill to halt any new fossil fuel-based enterprises in order to address this situation, sharing the same viewpoint as the environmental organizations.
The Bitcoin industry, however, is defending the cryptocurrency space by asserting that BTC only consumes a negligible 0.09–1.7% of the total US electricity. Over 50% of the electricity used by miners comes from renewable sources, according to statistics supplied by members of the Bitcoin mining council.
According to Elliot David of the Sustainable Bitcoin Protocol, "Bitcoin is a technology with a lot of good and bad climate potential."
Even though Bitcoin mining appears not to be environmentally friendly, majority of people believe that Bitcoin is here to stay. As people are looking for ways to reduce the carbon footprint and it is only a matter of time. So, if you are planning to buy Bitcoin online, but don’t know how you can visit a trustworthy crypto broker – BCBitcoin. Here you can be assured your transactions are safe, moreover, you can keep your crypto assets online, without any wallet. For example, if you want to buy Bitcoin but you do not know which wallet to use, you can always store it online at BCBitcoin, and withdraw it whenever it is needed.