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Bitcoin mining used more water than New York city last year

LivemintLivemint · 1y ago
Bitcoin mining used more water than New York city last year
Medial

Bitcoin-mining operations globally consume billions of gallons of water annually, with estimates projecting a footprint surpassing 591 billion gallons this year. This surpasses the water consumption of New York City residents and businesses, causing concern over environmental impacts, especially in regions with water shortages. The use of water is attributed to both cooling computer servers directly and indirectly through gas- and coal-fired power plants that require cooling water. Some efforts have been made to reduce the industry's dependence on fossil fuel-generated electricity. Changes to bitcoin's mining software may help reduce water and energy demands, but it requires consensus among stakeholders.

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

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

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.

Airbnb asks New York City to reconsider regulations on short-term rentals

Economic TimesEconomic Times · 10m ago
Airbnb asks New York City to reconsider regulations on short-term rentals
Medial

Airbnb has asked New York City to reconsider its regulations on short-term rentals, claiming that they have resulted in higher prices for travelers without making any impact on the housing market. The company argues that local law LL18, requiring hosts to be permanent occupants of the units they rent out and register with the city, has failed to address the housing crisis effectively. Airbnb states that the number of listings allowing stays under 30 nights has dropped by 83% since the law's implementation, but the vacancy rates for apartments in the city remain unchanged. The company also points out that hotel rates in New York City have increased more compared to the rest of the U.S. By rolling back parts of the law, Airbnb believes the city can boost accommodation supply, support hosts, and benefit local businesses reliant on tourism revenue.

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