Bitcoin Emits Less Than 5% Of The Legacy Financial Sector’s Carbon Emissions
A comprehensive calculation of the carbon emissions from the legacy financial sector shows that Bitcoin is far less impactful on the planet.In my very first foray into publishing an analysis on this topic in 2014, and as recently as my last piece for Bitcoin Magazine, I set out to contextualize Bitcoin’s energy use in comparison to that of the banking system. Since it is impossible to objectively define what the banking system (BS) is, I stuck to the mere impact of bank branches and ATMs — and the results were horrifying. This is despite the following areas of impact being ignored by my....
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Published research shows Bitcoin mining produces a mere fraction of the carbon emissions coming from the world’s military-industrial complex.
In this, the second of a three-part series, Danny Bradbury explores the impact the bitcoin network is having on the environment. Part One uncovered exactly how many pounds of carbon each bitcoin produces. Here, this figure is compared to the broader financial sector. Yesterday, we explored how much carbon the average fossil fuel-using miner emits when they produced a bitcoin. 16 gallons of gasoline sounds a lot, but in the broader context, just how bad is it, and how can we frame that argument? As some people pointed out in the comments, it's all relative. Bitcoin advocates are quick to....
On Friday, the Latin American cryptocurrency platform Bitso announced that the company plans to offset carbon emissions from its bitcoin and ERC20 token transactions carried out on the platform. Bitso is partnering with the carbon offset platform Moss.Earth in order to curb the crypto company’s environmental impact.
Bitso to Offset Crypto Transaction Carbon Emissions by Partnering With Moss.Earth
In mid-February, the Mexico-based cryptocurrency exchange Bitso revealed it was expanding into the Colombian market after witnessing a growing interest in the Latin American....
Carbon markets turn CO2 emissions into a commodity or tradable asset by giving it a price. Blockchain and smart contracts will improve those markets. The United Nations Climate Change Conference, known as COP26, in Glasgow, Scotland catalyzed a commitment to carbon neutrality, achieving net-zero carbon emissions, requiring reducing emissions as much as possible, and balancing the remaining emissions with the purchase of carbon credits.A carbon credit reduces, avoids or removes carbon emissions in one place to compensate for unavoidable emissions somewhere else through certified....
In this, Part Three of a three-part series, we explore the impact the bitcoin network is having on the environment. Part One projected exactly how much carbon dioxide each bitcoin produces, while Part Two put this figure in context with the broader financial sector. This article explores potential solutions to bitcoin's growing environmental problem. It turns out that the electricity used to produce bitcoins produces quite a bit of carbon dioxide - the equivalent of burning 16 gallons of gasoline, in fact. That means the entire bitcoin network uses slightly more power than it takes to run....