Researchers Allege Bitcoin's Climate Impact Is Closer To 'Digital Crude' Than Gold
Bitcoin mining raises a "set of red flags for consideration as a sustainable sector," according to the researchers.
New
Bitcoin (BTC) bashing has continued unabated, even in the depths of a bear market, with more and more research questioning its energy consumption and environmental impact.< /p>
The latest paper from researchers at the University of New Mexico Department of Economics, published on September 29, claims that from a climate damage perspective, Bitcoin functions more as “digital crude” than “digital crude”. 'digital gold'.< /p>
The research attempts to estimate the energy-related climate damage caused by proof-of-work bitcoin mining and make comparisons with other industries. He alleges that between 2016 and 2021, on average, every dollar of BTC market value created was responsible for $0.35 in global "climate damage", adding:
"Which, as a share of market value, lies between beef production and crude oil burned as gasoline, and an order of magnitude higher than wind and solar power."
The researchers conclude that the findings represent “a set of red flags for any consideration as a sustainable industry,” adding that the Bitcoin network is highly unlikely to become sustainable by moving to proof-of-stake.
“If the industry does not move away from the production path of POW or move towards POS, this class of rare digital goods may need to be regulated, and any delay will likely lead to an increase global climate damage."
Recently, Lachlan Feeney, the founder and CEO of Australian blockchain development agency Labrys told Cointelegraph after the merger that “the pressure is on” Bitcoin to just...
Bitcoin mining raises a "set of red flags for consideration as a sustainable sector," according to the researchers.
New
Bitcoin (BTC) bashing has continued unabated, even in the depths of a bear market, with more and more research questioning its energy consumption and environmental impact.< /p>
The latest paper from researchers at the University of New Mexico Department of Economics, published on September 29, claims that from a climate damage perspective, Bitcoin functions more as “digital crude” than “digital crude”. 'digital gold'.< /p>
The research attempts to estimate the energy-related climate damage caused by proof-of-work bitcoin mining and make comparisons with other industries. He alleges that between 2016 and 2021, on average, every dollar of BTC market value created was responsible for $0.35 in global "climate damage", adding:
"Which, as a share of market value, lies between beef production and crude oil burned as gasoline, and an order of magnitude higher than wind and solar power."
The researchers conclude that the findings represent “a set of red flags for any consideration as a sustainable industry,” adding that the Bitcoin network is highly unlikely to become sustainable by moving to proof-of-stake.
“If the industry does not move away from the production path of POW or move towards POS, this class of rare digital goods may need to be regulated, and any delay will likely lead to an increase global climate damage."
Recently, Lachlan Feeney, the founder and CEO of Australian blockchain development agency Labrys told Cointelegraph after the merger that “the pressure is on” Bitcoin to just...
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