fbpx
  • About
  • Advertise
  • Contact
Sunday, January 29, 2023
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk
Home Business

Bitcoin mining could soon generate carbon emissions

bySidra Butt
April 10, 2021
in Business, Economy, Finance, New, World
Reading Time: 2 mins read
0
Bitcoin
53
SHARES
786
VIEWS
Share on FacebookShare on Twitter

Bitcoin’s soaring popularity could have a long-lasting negative effect on the environment.

Cryptocurrency mining requires significant computing power and electricity, and the increase in bitcoin purchases leaves behind a hefty carbon footprint. 

RelatedPosts

OGRA rejects speculations about fuel price hike

Karachi Police introduce smart patrolling cars to tackle crime

Arooj Aftab becomes the first Pakistani artist to perform at the Grammys

But just how much is bitcoin mining contributing to global warming? 

In China alone, bitcoin is projected to generate more than 130 million metric tons of carbon emissions by the time the technology’s energy consumption peaks in 2024.

That amount of greenhouse gases would have surpassed the total annual emissions output from the Czech Republic and Qatar in 2016. The bitcoin blockchain could consume as much energy per year as small to medium-sized countries such as Denmark, Ireland, or Bangladesh, according to research from Sinan Kufeogl, civil engineering research associate at the University of Cambridge. 

As bitcoin has grown in popularity, China has become a mecca for technology. If China’s bitcoin industry were a country, its total energy consumption would have ranked 12th globally in 2016, ahead of major economies like Italy and Saudi Arabia, according to the study.

With specialized hardware and cheap electricity readily available, the country now accounts for more than 75% of the bitcoin network’s hashing power — the power a computer or hardware uses to run and solve algorithms that generate new cryptocurrency sums and allow transactions between them.

“Since the bitcoin mining industry is so new, it has not been properly accounted for and regulated around the world,” Shouyang Wang, a co-author of the study and professor at Chinese Academy of Sciences,

Bitcoin mining hardware has evolved as the cryptocurrency’s popularity has increased over time. At its inception, bitcoin mining went through a basic Central Processing Unit (CPU) on a general-purpose computer,

Tags: BitCoinCarbon EmissionsChinaCryptocurrencyEuropeGlobal WarmingMines
Sidra Butt

Sidra Butt

Related Posts

OGRA rejects speculations about fuel price hike

OGRA rejects speculations about fuel price hike

On Saturday, the Oil and Gas Regulatory Authority (OGRA) expressed serious concern about the spread of speculative rumors about an...

Karachi Police introduce smart patrolling cars to tackle crime

Karachi Police introduce smart patrolling cars to tackle crime

The Sindh Police have introduced smart cars in Karachi that will serve as an effective weapon in the fight against...

Next Post
Prince Philip

Prince Philip, Gun Salutes planned across the UK in tribute

Leave a Reply Cancel reply

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

Recommended

OGRA rejects speculations about fuel price hike

OGRA rejects speculations about fuel price hike

Karachi Police introduce smart patrolling cars to tackle crime

Karachi Police introduce smart patrolling cars to tackle crime

Punjab’s Winter Sports Festival begins in Lahore

Punjab’s Winter Sports Festival begins in Lahore

Arooj Aftab becomes the first Pakistani artist to perform at the Grammys

Arooj Aftab becomes the first Pakistani artist to perform at the Grammys

Jeddah Airport Now Provides Free Shuttle Service To Masjid al-Haram For Pilgrims

Jeddah Airport Now Provides Free Shuttle Service To Masjid al-Haram For Pilgrims

Pakistan condemns the desecration of the Holy Quran in Denmark

Pakistan condemns the desecration of the Holy Quran in Denmark

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2023 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In