Essay by Eric Worrall
Which one do you want to give up? Bitcoin or beef?
Economists say Bitcoin is more harmful to the climate than beef
Researchers have claimed ‘digital gold’ with research showing the impact of cryptocurrencies
Lindsay Clark
Friday, September 30, 2022 // 15:30 UTCFar from being the “digital gold” that some claim, Bitcoin’s relative climate change impact is larger than the beef industry and more than seven times larger than actual gold mining.
Economic researchers compared the environmental impact of Bitcoin – created by using computer power to solve complex algorithmic puzzles – with three measures of environmental impact from January 2016 to December 2021.
Led by Benjamin Jones, an associate professor of economics at the University of New Mexico, they looked at whether estimated climate damages have increased over time. They also look at whether the market price of Bitcoin exceeds the economic cost of climate damage and how the climate damage per coin mined compares to the climate damage of industries and other goods.
Incredibly, they found that in 2020, Bitcoin mining was using 75.4 terawatt hours per year (TWhyear-1) – a higher energy usage than Austria (69.9 TWhyears). -1) or Portuguese (48.4 TWhyear-1).
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With Bitcoin’s relative loss averaging from 2016 to 2021 at 35% of market value, economists continue to compare crypto’s environmental impact with other industries. While it is less than electricity produced from natural gas (46%) and gasoline produced from crude oil (41%), it is slightly larger than the relative loss of production. beef (at 33%) and more than gold mining (at 4 percent).
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Read more: https://www.theregister.com/2022/09/30/bitcoin_climate_impact/
Obviously I realize it’s going to be a tough call for all of you, whether to keep your steaks and burgers and get bitcoin aficionados free in silicon valley. cry or not.
Of course, the better option is to accept freedom in the face of climate hysteria, so everyone can keep both.
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