As mining cryptocurrencies are trending more and more each day, more pollution is being added to the atmosphere.
a new study shows bitcoin by far is the most energy intensive coin in the market right now. The second place goes to Ethereum with much lower carbon footprint and third is bitcoin cash.
“Bitcoin is by far the most polluting and energy-intensive cryptocurrency out there, using 707 kWh per transaction. This equates to 1,060.5 lbs of CO2 for every transaction, which is just over half a ton!” – study says.
They also wanted to find out how many trees are needed to slow down the environmental impact of bitcoin and they realized around 299.6 million trees are needed to capture the amount of CO2 released by bitcoin transactions in 2020.
Benjamin Jones, a professor of economics at the University of New Mexico who has researched bitcoin’s environmental impact says “The amount of electricity used to mine bitcoin has historically been more than [electricity used by] entire countries, like Ireland”.
One of the most helpful ways that we can capture the CO2 released by cryptocurrencies is to plant more and more trees but unfortunately cutting them down looks more popular these days.
WMO scientists reported that most parts of amazon is no longer capturing the greenhouse gas emissions but in contrast due to wild fires and deforestation, they are adding more CO2 to the atmosphere than ever recorded.