he rise in bitcoin prices has proven harmful to the environment, as cryptocurrency mining leaves a large carbon footprint, investory reports. news with a link to CNBC.
Mining produces 36.95 megatons of carbon dioxide per year, similar to New Zealand. And according to Digonomist estimates, it consumes the same amount of energy as Chile – about 77.78 TWh.
Mining a single bitcoin consume the energy, which can provide electricity to a house for a month.
It takes as much energy to generate the code as the whole country uses.
According to Michel Rauchs, representative of the Cambridge Center for Alternative Finance, mining accounts for about 0.5% of total global electricity consumption.The more successful bitcoin becomes, the higher its price. And the higher the price, the more competition, which means more energy is spent on production.