We have all been through the problems with Bitcoin mining and its negative impact on the environment. And as time passes and the mining increases, the carbon footprint it has on the environment has also increased. With all this, China is a source of one of the largest hash rates in the world. This is why their carbon emission rates are alarmingly high. A report suggests that by 2024 Chinese Bitcoin mining could release up to 130.5 million metric tons of carbon emissions.
The huge environmental impact of Chinese Bitcoin mining
A report from the Nature communications journal suggests that the carbon emissions from Bitcoin mining could overturn the sustainable energy efforts we are giving to reduce global warming. If you think I am talking about the global emissions from Bitcoin mining, no, I am not. In fact, China’s emissions are so high that they nullify the positive work we are doing for the environment globally.
And we are not at our peak yet; these data are set for 2024, which is the time when the carbon footprint will be at an all-time high. By 2024, China’s Bitcoin mining will consume enough energy to run the Czech Republic and Qatar. The report also talks about how the Bitcoin miners are spending more aggressively on hardware. With increased prices, even companies are releasing dedicated mining rigs for interested people.
And with an increasing number of miners and better hardware, energy consumption has increased. So, it’s becoming very important for governments to address the issue. This can be done by increasing the tax on electricity used for mining and promoting renewable energy resources.
Why does China have such a huge mining impact?
China has one of the cheapest electricity available globally. This comes just after India. And therefore, it is one of the best countries to set up one’s mining rig in. Reports suggest that the country accounts for 75% of the total hash rate globally. Or in other words, you can say that 75% of the Bitcoin mined is in the country. And in such cases, if the government is unable to control the emissions, their promises to cut down 60% of their carbon emissions by 2030 would not materialize.
It is important for the Chinese government to regulate mining activity and ask big companies to use renewable energy resources for all purposes. If not done the impact that BTC will have on our environment could not be reversed. Why do I say so? A study says that for every $1 billion invested in Bitcoin the carbon emissions are equivalent to 1.2 million cars annually.
What are your thoughts on the environmental impact that Chinese Bitcoin mining is having on the environment? And do you think that the government could do anything about it? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.