Bitcoin causes 98 million tons of CO2 per year - The process of generating cryptocurrencies requires large amounts of energy
The Bitcoin network currently produces a carbon footprint more than twice that of the country of Switzerland, according to figures from cryptocurrency portal Digiconomist.
Calculated on an annual basis, the most popular cryptocurrency network generates about 98 million tons of carbon dioxide. In comparison, greenhouse gas emissions recently reached about 41 million tons per year.
According to the portal, a single Bitcoin transaction currently causes as much carbon emissions as watching around 105,000 hours of YouTube videos, or processing 1.4 million Visa transactions.
The Bitcoin network is based on blockchain technology. This technology involves a decentralized digital system for recording information, which makes it very difficult or almost impossible to manipulate, alter, or steal data.
Until now, the "proof of work" method has been used for these systems. This involves solving complex cryptographic puzzles, which ultimately generate bitcoins. The process requires a lot of processing power and energy. It is also known as "mining."
During this procedure, many participants compete with each other, but only one wins in the end. This consumes a lot of electricity and often comes from fossil fuel sources, which lead to high carbon dioxide emissions.
One solution that could significantly reduce emissions is renewable energy, which could power some of bitcoin's operations. Policymakers could require that operating centers rely on clean sources like solar or wind.
Additionally, exploring methods for implementing a carbon tax could help reduce pollution. Although the decentralized and largely unregulated nature of cryptocurrencies poses challenges for regulatory design, innovative solutions are possible.
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