“It seems more digital crude than digital gold”: a study equates the impact of Bitcoin with that of oil

Some scientists compare the economic effects caused by industries with respect to their value in production.

On September 29, three scientists published a paper titled “An Economic Estimate of Bitcoin’s Climate Damage Shows a Greater Similarity to Digital Crude Than Digital Gold,” and in that study balance the environmental effects of large industries and the market value of the resulting products. To go to the concrete, for each dollar produced, the Bitcoin impacts $0.35 of environmental damage.

In that article it is considered that the BTC is unsustainable for a simple reason: the mining of this cryptocurrency has been losing in efficiency over time, and not the other way around. Normally, the brands are gaining in sustainability as they evolve, but in this case it is the opposite. During the last five years, the emissions produced have gone from 0.9 tons of CO2 per coin in 2016 to 113 in 2021.

Apparently, the harmful effects associated with it constitute 35% of the value of the cryptocurrency, making Bitcoin a more dangerous commodity for the environment than the livestock macro-farms, which present a proportion of 33%. In the case of gasoline and oil, we would already talk about 41%, compared to 46% pollution due to electricity production from natural gas. In any case, that 35% was not always like this: it is an average. If we look at the figures from the study, that proportion of environmental damage versus benefits reaches 82% in 2020a year in which for every dollar produced, $1.56 in damage was caused.

See also  'Millisecond. Marvel' DP reveals how the multiverse saved a possible production problem

In the article itself, the authors suggest that the industry should move on, passing from a Proof-of-Work to a Proof-of-Stake algorithm structure. This would reduce your environmental footprint. On the other hand, the use of renewable energy It would also help, of course, but the first step would be that advance, as happened with Ethereum and its Merge.

Image | Kanchanara on Unsplash

More about: 3D Tech Games, BitCoin and Cryptocurrencies.

Related Posts

fleetwood mac rumors turn 45 and we unearthed 5 facts

Fleetwood Mac Rumors Turn 45 And We Unearthed 5 Facts To Celebrate

Was it drama, musicianship, character, or celebrity culture that made rumors so iconic? Probably all of the above. Listening to the age of a classic album can…

we officially live in a world where 'star wars' fans

We officially live in a world where ‘Star Wars’ fans defend ‘I hate sand’ as a good line.

via Lucasfilm “I don’t like sand. It’s harsh, rough and irritating, and it gets everywhere. not like here Here everything is soft and smooth. This snippet of…

ender lilies dev announces redemption reapers, a new "dark fantasy

Ender Lilies Dev Announces Redemption Reapers, A New “Dark Fantasy Tactical RPG” Coming In Early 2023

Subscribe to Nintendo Life at Youtube To update [Sat 28th Jan, 2023 03:55 GMT]: Binary Haze Interactive has now confirmed that Reapers Redemption is coming to Nintendo…

sales: the lexman connected alarm, direct competitor of somfy, is

Sales: The Lexman connected alarm, direct competitor of Somfy, is 60% off!

News good deal Sales: The Lexman connected alarm, direct competitor of Somfy, is 60% off! Published on 01/28/2023 at 08:00 To share : When we go on…

hi fi rush: complete achievement list guide

Hi-Fi RUSH: Complete Achievement List Guide

HIFI RUSH it’s the last game the evil within Y Ghostwire Tokyo Developer Tango Gameworks. In a surprise twist, HIFI RUSH it was announced and then immediately…

Square Enix Survey Asks About Future Team Asano Games

Image: Square Enix It looks like Square Enix is ​​once again asking fans for input on which games they’d like to see next. In a recent Japanese…

Leave a Reply

Your email address will not be published. Required fields are marked *