Environmental impact of bitcoin

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Bitcoin mining facility in Quebec, Canada Argo Blockchain Mirabel Facility.jpg
Bitcoin mining facility in Quebec, Canada

The environmental impact of bitcoin is significant. Bitcoin mining, the process by which bitcoins are created and transactions are finalized, is energy-consuming and results in carbon emissions, as about half of the electricity used in 2021 was generated through fossil fuels. [1] Moreover, bitcoins are mined on specialized computer hardware with a short lifespan, resulting in electronic waste. [2] The amount of e-waste generated by bitcoin mining is comparable to that generated by the Netherlands. [2] Scholars argue that bitcoin mining could support renewable energy development by utilizing surplus electricity from wind and solar. [3] Bitcoin's environmental impact has attracted the attention of regulators, leading to incentives or restrictions in various jurisdictions. [4]

Contents

Greenhouse gas emissions

Mining as an electricity-intensive process

Electricity consumption of the bitcoin network since 2016 (annualized). The upper and lower bounds are based on worst-case and best-case scenario assumptions, respectively. The red trace indicates an intermediate best-guess estimate. Bitcoin electricity consumption.svg
Electricity consumption of the bitcoin network since 2016 (annualized). The upper and lower bounds are based on worst-case and best-case scenario assumptions, respectively. The red trace indicates an intermediate best-guess estimate.

Bitcoin mining is a highly electricity-intensive proof-of-work process. [1] [5] Miners run dedicated software to compete against each other and be the first to solve the current 10 minute block, yielding them a reward in bitcoins. [6] A transition to the proof-of-stake protocol, which has better energy efficiency, has been described as a sustainable alternative to bitcoin's scheme and as a potential solution to its environmental issues. [5] Bitcoin advocates oppose such a change, arguing that proof of work is needed to secure the network. [7]

Bitcoin mining's distribution makes it difficult for researchers to identify the location of miners and electricity use. It is therefore difficult to translate energy consumption into carbon emissions. [8] As of 2022, a non-peer-reviewed study by the Cambridge Centre for Alternative Finance (CCAF) estimated that bitcoin consumed 95.5  TWh (344  PJ ) annually, representing 0.4% of the world's electricity consumption, ranking bitcoin mining between Belgium and the Netherlands in terms of electricity consumption. [8] A 2022 non-peer-reviewed commentary published in Joule estimated that bitcoin mining resulted in annual carbon emission of 65 Mt CO2, representing 0.2% of global emissions, which is comparable to the level of emissions of Greece. [9] A 2024 systematic review criticized the underlying assumptions of these estimates, arguing that the authors relied on old and partial data. [10]

Bitcoin mining energy mix

Until 2021, most bitcoin mining was done in China. [6] Chinese miners relied on cheap coal power in Xinjiang and Inner Mongolia during late autumn, winter and spring, migrating to regions with overcapacities in low-cost hydropower (like Sichuan and Yunnan) between May and October. [9] After China banned bitcoin mining in June 2021, its mining operations moved to other countries. [6] By August 2021, mining was concentrated in the U.S. (35%), Kazakhstan (18%), and Russia (11%) instead. [11] A study in Scientific Reports found that from 2016 to 2021, each US dollar worth of mined bitcoin caused 35 cents worth of climate damage, compared to 95 for coal, 41 for gasoline, 33 for beef, and 4 for gold mining. [12] The shift from coal resources in China to coal resources in Kazakhstan increased bitcoin's carbon footprint, as Kazakhstani coal plants use hard coal, which has the highest carbon content of all coal types. [9] Despite the ban, covert mining operations gradually came back to China, reaching 21% of global hashrate as of 2022. [13]

Reducing the environmental impact of bitcoin is possible by mining only using clean electricity sources. [14] In 2023, Jamie Coutts, a crypto analyst writing for Bloomberg Terminal said that renewables represented about half of global bitcoin mining sources, [15] while research by the nonprofit tech company WattTime estimated that US miners consumed 54% fossil fuel-generated power. [7] Experts and government authorities, such as the European Securities and Markets Authority and the European Central Bank, have suggested that using renewable energy for mining may limit the availability of clean energy for the general population. [1] [16] [17]

Bitcoin mining representatives argue that their industry creates opportunities for wind and solar companies, [18] leading to a debate on whether bitcoin could be an ESG investment. [19] According to a 2023 ACS Sustainable Chemistry & Engineering paper, directing the surplus electricity from intermittent renewable energy sources such as wind and solar, to bitcoin mining could reduce electricity curtailment, balance the electrical grid, and increase the profitability of renewable energy plants—therefore accelerating the transition to sustainable energy and decreasing bitcoin's carbon footprint. [20] A 2023 review published in Resource and Energy Economics also concluded that bitcoin mining could increase renewable capacity but that it might increase carbon emissions and that mining bitcoin to provide demand response largely mitigated its environmental impact. [21] Two studies from 2023 and 2024 led by Fengqi You concluded that mining bitcoin off-grid during the precommercial phase (when a wind or solar farm is generating electricity but not yet integrated into the grid) could bring additional profits and therefore support renewable energy development and mitigate climate change. [3] [22] Another 2024 study by Fengqi You published in the Proceedings of the National Academy of Sciences of the United States of America showed that pairing green hydrogen infrastructure with bitcoin mining can accelerate the deployment of solar and wind power capacities. [23] [24] Bitcoin mining may also incentivize the recommissioning of fossil fuel plants. [25] For instance, Greenidge Generation, a closed coal-fired power plant in New York State, was converted into natural gas in 2017 and started mining bitcoin in 2020 to monetize off-peak periods. [20] Such impact is difficult to quantify directly. [25]

Methane emissions

Bitcoin has been mined via electricity generated through the combustion of associated petroleum gas (APG), which is a methane-rich byproduct of crude oil drilling that is sometimes flared or released into the atmosphere. [26] Methane is a greenhouse gas with a global warming potential 28 to 36 times greater than CO2. [4] By converting more of the methane to CO2 than flaring alone would, using APG generators reduces the APG's contribution to the greenhouse effect, but this practice still harms the environment. [4] In places where flaring is prohibited this practice has allowed more oil drills to operate by offsetting costs, delaying fossil fuel phase-out. [4] Commenting on one pilot project with ExxonMobil, political scientist Paasha Mahdavi noted in 2022 that this process could potentially allow oil companies to report lower emissions by selling gas leaks, shifting responsibility to buyers and avoiding a real reduction commitment. [27] According to a 2024 paper published in the Journal of Cleaner Production , bitcoin mining can finance methane mitigation of landfill gases. [28]

Comparison to other payment systems

In a 2023 study published in Ecological Economics , researchers from the International Monetary Fund estimated that the global payment system represented about 0.2% of global electricity consumption, comparable to the consumption of Portugal or Bangladesh. [29] For bitcoin, energy used is estimated around 500  kWh per transaction, compared to 0.001 kWh for credit cards (not including consumption from the merchant's bank, which receives the payment). [29] However, bitcoin's energy expenditure is not directly linked to the number of transactions. Layer 2 solutions, like the Lightning Network, and batching, allow bitcoin to process more payments than the number of on-chain transactions suggests. [29] [30] For instance, in 2022, bitcoin processed 100 million transactions per year, representing 250 million payments. [29]

Electronic waste

The total active mining equipment in the bitcoin network and the related electronic waste generation, from July 2014 to July 2021 Total active mining equipment and electronic waste generation in the Bitcoin network over time.jpg
The total active mining equipment in the bitcoin network and the related electronic waste generation, from July 2014 to July 2021

Bitcoins are usually mined on specialized computing hardware, called application-specific integrated circuits, with no alternative use beyond bitcoin mining. [2] Due to the consistent increase of the bitcoin network's hashrate, one 2021 study estimated that mining devices had an average lifespan of 1.3 years until they became unprofitable and had to be replaced, resulting in significant electronic waste. [2] This study estimated bitcoin's annual e-waste to be over 30,000 tonnes (comparable to the small IT equipment waste produced by the Netherlands) and each transaction to result in 272 g (9.6 oz) of e-waste. [2] A 2024 systematic review criticized this estimate and argued, based on market sales and IPO data, that bitcoin mining hardware lifespan was closer to 4–5 years. [31]

Water footprint

According to a 2023 non-peer-reviewed commentary, bitcoin's water footprint reached 1,600 gigalitres (5.7×1010 cu ft) in 2021, due to direct water consumption on site and indirect consumption from electricity generation. [32] The author notes that this water footprint could be mitigated by using immersion cooling and power sources that do not require freshwater such as wind, solar, and thermoelectric power generation with dry cooling. [32]

Regulatory responses

China's 2021 bitcoin mining ban was partly motivated by its role in illegal coal mining and environmental concerns. [33] [34]

In September 2022, the US Office of Science and Technology Policy highlighted the need for increased transparency about electricity usage, greenhouse gas emissions, and e-waste. [35] In November 2022, the US Environmental Protection Agency confirmed working on the climate impacts of cryptocurrency mining. [36] In the US, New York State banned new fossil fuel mining plants with a two-year moratorium, citing environmental concerns, [4] while Iowa, Kentucky, Montana, Pennsylvania, Rhode Island, Texas, and Wyoming encourage bitcoin mining with tax breaks. [4] [37] Texas incentives aim to cut methane emissions from flared gas using bitcoin mining. [37] In January 2024, the US Energy Information Administration launched a mandatory survey of cryptocurrency miner energy use but suspended it one month later after it was successfully challenged by miners before the United States District Court for the Western District of Texas. [38]

In Canada, due to high demand from the industry and concerned that their renewable electricity could be better used, the provinces Manitoba and British Columbia paused new connections of bitcoin mining facilities to the hydroelectric grid in late 2022 for 18 months while Hydro-Québec increased prices and capped usage for bitcoin miners. [39]

In October 2022, due to the global energy crisis, the European Commission invited member states to lower the electricity consumption of crypto-asset miners and end tax breaks and other incentives benefiting them. [40]

Related Research Articles

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Electric power systems consist of generation plants of different energy sources, transmission networks, and distribution lines. Each of these components can have environmental impacts at multiple stages of their development and use including in their construction, during the generation of electricity, and in their decommissioning and disposal. These impacts can be split into operational impacts and construction impacts. All forms of electricity generation have some form of environmental impact, but coal-fired power is the dirtiest. This page is organized by energy source and includes impacts such as water usage, emissions, local pollution, and wildlife displacement.

<span class="mw-page-title-main">Sustainable energy</span> Energy that responsibly meets social, economic, and environmental needs

Energy is sustainable if it "meets the needs of the present without compromising the ability of future generations to meet their own needs." Definitions of sustainable energy usually look at its effects on the environment, the economy, and society. These impacts range from greenhouse gas emissions and air pollution to energy poverty and toxic waste. Renewable energy sources such as wind, hydro, solar, and geothermal energy can cause environmental damage but are generally far more sustainable than fossil fuel sources.

<span class="mw-page-title-main">Emission intensity</span> Emission rate of a pollutant

An emission intensity is the emission rate of a given pollutant relative to the intensity of a specific activity, or an industrial production process; for example grams of carbon dioxide released per megajoule of energy produced, or the ratio of greenhouse gas emissions produced to gross domestic product (GDP). Emission intensities are used to derive estimates of air pollutant or greenhouse gas emissions based on the amount of fuel combusted, the number of animals in animal husbandry, on industrial production levels, distances traveled or similar activity data. Emission intensities may also be used to compare the environmental impact of different fuels or activities. In some case the related terms emission factor and carbon intensity are used interchangeably. The jargon used can be different, for different fields/industrial sectors; normally the term "carbon" excludes other pollutants, such as particulate emissions. One commonly used figure is carbon intensity per kilowatt-hour (CIPK), which is used to compare emissions from different sources of electrical power.

<span class="mw-page-title-main">Climate change mitigation</span> Actions to reduce net greenhouse gas emissions to limit climate change

Climate change mitigation (or decarbonisation) is action to limit the greenhouse gases in the atmosphere that cause climate change. Climate change mitigation actions include conserving energy and replacing fossil fuels with clean energy sources. Secondary mitigation strategies include changes to land use and removing carbon dioxide (CO2) from the atmosphere. Current climate change mitigation policies are insufficient as they would still result in global warming of about 2.7 °C by 2100, significantly above the 2015 Paris Agreement's goal of limiting global warming to below 2 °C.

<span class="mw-page-title-main">Carbon footprint</span> Concept to quantify greenhouse gas emissions from activities or products

A carbon footprint (or greenhouse gas footprint) is a calculated value or index that makes it possible to compare the total amount of greenhouse gases that an activity, product, company or country adds to the atmosphere. Carbon footprints are usually reported in tonnes of emissions (CO2-equivalent) per unit of comparison. Such units can be for example tonnes CO2-eq per year, per kilogram of protein for consumption, per kilometer travelled, per piece of clothing and so forth. A product's carbon footprint includes the emissions for the entire life cycle. These run from the production along the supply chain to its final consumption and disposal.

<span class="mw-page-title-main">Carbon accounting</span> Processes used to measure emissions of carbon dioxide equivalents

Carbon accounting is a framework of methods to measure and track how much greenhouse gas (GHG) an organization emits. It can also be used to track projects or actions to reduce emissions in sectors such as forestry or renewable energy. Corporations, cities and other groups use these techniques to help limit climate change. Organizations will often set an emissions baseline, create targets for reducing emissions, and track progress towards them. The accounting methods enable them to do this in a more consistent and transparent manner.

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<span class="mw-page-title-main">Greenhouse gas emissions by the United States</span> Climate changing gases from the North American country

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<span class="mw-page-title-main">Fossil fuel phase-out</span> Gradual reduction of the use and production of fossil fuels

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<span class="mw-page-title-main">Low-carbon electricity</span> Power produced with lower carbon dioxide emissions

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<span class="mw-page-title-main">Energy in New Zealand</span>

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<span class="mw-page-title-main">Environmental impact of the energy industry</span>

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<span class="mw-page-title-main">Individual action on climate change</span> What everyone can do to limit climate change

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<span class="mw-page-title-main">Variable renewable energy</span> Class of renewable energy sources

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<span class="mw-page-title-main">Energy transition</span> Significant structural change in an energy system

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<span class="mw-page-title-main">Bitcoin protocol</span> Rules that govern the functioning of Bitcoin

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<span class="mw-page-title-main">Greenhouse gas emissions by China</span> Emissions of gases harmful to the climate from China

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  40. ↑ Dekeyrel, Simon; Fessler, Melanie (27 September 2023). "Digitalisation: an enabler for the clean energy transition". Journal of Energy & Natural Resources Law. 42 (2): 185–209. doi:10.1080/02646811.2023.2254103. ISSN   0264-6811. S2CID   263172033. Archived from the original on 11 December 2023. Retrieved 11 December 2023.

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