China's massive bitcoin mining could affect its climate change reduction activities, as stated in a new study. Right now, the Asian country's bitcoin mining covers around 75% of the world's total crypto activities.
"The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts," said the involved researchers via The Nature Communications Journal.
This new research was conducted by various experts from different universities such as Tsinghua University, Cornell University, the University of Surrey, and the University of the Chinese Academy of Sciences.
The researchers investigated the carbon emission flows of China's bitcoin blockchain operation. They developed a bitcoin blockchain carbon emission model to gather the needed info.
After studying the Asian country's bitcoin mining, the new study's experts discovered that China's annual energy consumption of bitcoin blockchain could reach 296.59 TWh (TeraWatt/Hour).
Why China's bitcoin mining is alarming
The involved scientists and experts also claimed that China's bitcoin mining could generate around 130.50 million metric tons of carbon emission by 2024. CNBC also reported that the country's bitcoin carbon footprint could be as big as one of its ten largest cities.
What makes this activity alarming is that it relies on computers that use huge amounts of electricity, especially when the bitcoin miner is trying to do it on a large scale.
On the other hand, President Xi Jinping also predicted last 2020 that the Asian country would reach its peak carbon emissions by 2030, which is only a few years from what the scientists predicted. But, he added that China would achieve carbon neutrality by 2060.
However, the country's bitcoin mining could compromise this plan if China continues to use it at the rate it is going.
Why it is getting worse
Experts said that China's bitcoin mining will get worse if the government will not implement the needed feasible policies and interventions. They added that this activity could also affect the country's plans of reducing its carbon emissions.
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Written by: Giuliano de Leon