Cryptocurrencies
Bitcoin Mining Emissions Drop as Slump Spurs Rush to More Efficient Rigs
- Low Bitcoin prices prompt miners to deploy more powerful rigs
- Fossil fuels account for two-thirds of electricity used
Miners use energy-intensive computers to validate the transaction data encrypted by Bitcoin’s blockchain.
Source: Bloomberg
This article is for subscribers only.
Greenhouse gas emissions from the Bitcoin mining industry are on the decline this year as dwindling profit margins drive miners to operate more efficient machines.
Bitcoin miners’ emissions are estimated to be 14.1% lower this year than in 2021, according to annualized data in a new report released Tuesday from the Cambridge Center for Alternative Finance. That represents about 0.1% of the global emissions, or about half of what gold miners generate. Fossil fuels account for almost two-thirds of the total electricity used by the industry, with coal being the largest of such energy sources, the report said.