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Bitcoin mining has 'very worrying' impacts on land & water: UN study

Economic TimesEconomic Times · 1y
Bitcoin mining has 'very worrying' impacts on land & water: UN study

A recent study by UN scientists highlights the significant environmental impacts of Bitcoin mining activities worldwide. The study found that Bitcoin mining contributes to a heavy carbon footprint and consumes substantial amounts of water and land. The global Bitcoin mining network consumed 173.42 Terawatt hours of electricity in 2020-2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal. The water footprint was comparable to filling over 660,000 Olympic-sized swimming pools, while the land footprint was 1.4 times the area of Los Angeles. The study emphasizes the need for regulatory interventions and technological advancements to improve the efficiency of the global financial system without harming the environment.

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