Skip to main content

Bitcoin mining emits 0.08% of world CO2 in 2021

On the growing popularity of Bitcoin in the world, its mining is turning to be a major concern for many governments. Bitcoin mining affects pollution and the green environment in its process. China has banned Bitcoin mining claiming environmental causes. Proof of work is the original crypto consensus mechanism, used in Bitcoin mining. It requires a huge amount of processing power for miners to validate transactions. As per one report, the Bitcoin mining network accounts for 0.08% of the world's CO2 production in 2021. 60% of Bitcoin mining activity in the world comes from fossil fuels. Bitcoin mining companies don’t have the same expenditure while doing the mining.


Mining expenditure differs from to country. Venezuela is the cheapest country in the world to mine 1 bitcoin whereas South Korea is the most expensive country in this regard. On the other side, El Salvador is the first in the world which announced that Bitcoin as its official currency is doing mining activity with natural resources like volcano energy. El Salvador plans to build a Bitcoin city at the base of a volcano, with the cryptocurrency used to fund the project. The site would take advantage of the Conchagua volcano's geothermal energy to power Bitcoin mining. Rising prices draw in greater mining activity, thus having “a greater impact on the environment.

China had cracked down twice on crypto mining in 2021 quoting environmental reasons. Russia and Georgia also follow a similar path. But U.S. lawmakers want to restrict mining activity. The U.S. is the highest consumption of energy for bitcoin mining with 1,380 MW followed by Kazakhstan. Congress sub-committee is focusing on Bitcoin and related Proof-of-work in mining. The U.S. has a target of reaching zero emissions by 2050 and honored the Paris agreement to tackle the climate crisis. U.S. lawmakers want to probe on using high energy in Bitcoin mining.  They asked bitcoin mining companies about the usage of power and where it comes from. It seems that the U.S. may impose restrictions on bitcoin mining.
Labels:

Comments

Post a Comment

Popular posts from this blog

Photo : Savitri during her last days

Even after 4 decades of her death, people are very much interested to watched her (Savitri) biopic. Mahanati turned to be stupendous success. On eve of remembering Savitri, here we posted Savitri photo. The photo seems her last days. The man stand behind Savitri is Gemini Ganeshan who married Savitri. It seems that she suffered bad days during her last days.
Post a Comment
Read more

Girl signed on 100/- Stamp Paper for getting 5K!

YSRCP Govt gave notification for more than 2.6 lakh jobs for Village Volunteers and was selected through interview process. All unemployed youth from SSC to Graduate were applied for the posts. 
Post a Comment
Read more

Rare Collection : Bhuma Nagi Reddy with Sr. NTR

Please check the photo. It was in 1994 after TDP regains power in AP. Bhuma Nagi Reddy and SV Subba Reddy (father of Shobha Nagi Reddy) were met NTR along with their families. Bhuma Nagi Reddy was elected first time to Assembly as TDP candidate from Allagadda in 1992 bye-election. Again he was elected as MLA from same constituency in 1994 as TDP candidate. In 1991, late NTR decided not to field TDP nominee opposite first Telugu Prime Minister PV Narasimha Rao. In 1996, Chandra Babu Naidu (NTR was died) was selected Bhuma against them Prime Minister PV in Nandhyala. In 1991, PV majority was more than 5 lakhs but in 1996 his massive majority comes down below one lakh. It can only possible to Bhuma. PV retained Barampur in Orissa and resigned for Nandhyala. TDP was selected Bhuma as it's candidate in 1996 bye-election and Bhuma won over 4lakh majority against Gangula. Bhuma was elected again in 1998 and in 1999 bye-elections from Nandhyala. All the three times he defeated Ga...
Post a Comment
Read more