The highly-acclaimed research journal Nature just recently published an alarming study on Monday that claims that Bitcoin may push the planet past its meltdown point with its electrical consumption.
“Should Bitcoin follow the median growth trend observed in the adoption of several other technologies, it could equal the global total of cashless transactions in just under 100 years. Yet, the cumulative emissions of such usage growth could fall within the range of emissions likely to warm the planet by 2° C within only 17 years,” the authors wrote.
The study cited the 2015 Paris Agreement’s goals for global warming as a reference point for the temperature rise. As for the CO2 required to achieve that, the study’s authors used earth system model projections to find correlations in temperature increases and atmospheric concentrations of the gas.
The group of researchers then simulated what Bitcoin mining would look like in the future if it were to experience the same widespread adoption over time as credit cards, electricity, and dishwashers.
“The likely future of Bitcoin has been broadly discussed in online forums with opinions ranging from it being a case of boom and bust, or alternatively, an early stage in a ‘new industrial revolution.’ We studied the carbon emissions of Bitcoin if it follows the adoption trends of other broadly used technologies… Data include the year and percentage of the population using the given technology,” the authors wrote.
Lumping cryptocurrencies—especially those that use proof of work algorithms—in with climate change isn’t something new. It’s also the reason why some mining companies have begun adopting the mantra of “green mining.”
However, a short exploration of this study exposes a couple of flaws that may have not been obvious but could have been accounted for with a fairly modest amount of fo...
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