China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims
Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin’s carbon emissions, researchers have alleged. Leaving China, miners also left behind its eco-friendly hydropower and are increasingly relying on energy generated by fossil fuels, they claim. Bitcoin Mining Allegedly Less Green Since Miners’ Exodus From China Cryptocurrency mining has become a dirtier process after the Chinese government effectively prohibited bitcoin extraction in the People’s Republic, according to research published in the Joule....
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The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable-energy-focused. Bitcoin network’s proof-of-work mining consensus has been a topic of environmental, social and governance debates for a long time, and a new study may only add to the growing controversy around Bitcoin’s carbon footprint.A new research report titled “Revisiting Bitcoin’s carbon footprint” published in the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban might not have contributed to the....
Bitcoin mining with flared gas and animal waste gases could help the world’s largest cryptocurrency on a path to becoming zero-emission money. A pro-Bitcoin mining report from self-proclaimed philanthropist Daniel Batten has claimed that Bitcoin could become a zero-emission network.The report builds upon data from the Bitcoin Mining Council to understand the impact of carbon-negative energy sources on Bitcoin’s (BTC) overall carbon footprint. Following an investigation and extrapolation of the results, it claims to then “predict when the entire Bitcoin network becomes a zero emission....
The China bitcoin mining ban that took place mid-last year was no doubt a heavy blow to the space. It saw the hash rate from the region which was once termed the mining capital of the world crumble to almost zero as miners had to shut down their operations. The reason for this from the Chinese government boiled down to concerns about electricity consumption and environmental impact. As the miners exited China, they had to set up business elsewhere and procure electricity for their mining farms, which can be quite energy-intensive. According to a new report, these new energy sources have....
The VeChain Foundation recently revealed a new tool that will be used to speed and improve efforts to reduce carbon emissions. This has become a major challenge in China, as the Asian giant prioritizes the reduction of its atmospheric pollution to 0 in the next decades. Called Digital Carbon Footprint SaaS Service, this VeChain-based tool is designed to help companies to change their carbon footprint by improving their data management practices, according to an official post. The Foundation claims that their new tool has combined decentralized ledger technology with a SaaS (Software as a....
My Clean Sky, an innovative company out of Australia led by CEO Guy Lane, allows users around the world to offset their carbon emissions. Every time you drive or take a plane from point A to point B, you are creating excess carbon and contributing to global warming. In fact, every minute your computer runs, every time you download the blockchain: Carbon is emitted. Most of us have accepted this fact and don't think twice about it because not using cars, planes, or computers is not a possibility. For those whom would still like to quiet their burning conscious, My Clean Sky provides an....