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Is there more to bitcoin mining than carbon emissions?
Feng Liu1,2, Linlin Wang3, Deli Kong4
1Shanghai International School of Chief Technology Officer, East China Normal University, Shanghai 200062, China.
Heliyon
|April 28, 2023
Summary
Bitcoin mining
Area of Science:
- Environmental Science
- Economics
- Computer Science
Background:
- Cryptocurrency mining, particularly Bitcoin, faces criticism for high energy consumption.
- Proponents argue it is a green industry, sparking debate on its environmental impact.
- The energy usage of Bitcoin mining is a significant global concern.
Purpose of the Study:
- To evaluate the energy efficiency and carbon footprint of Bitcoin mining.
- To introduce Mining Domestic Production (MDP) as a metric for Bitcoin mining output.
- To compare the carbon emission per unit output of Bitcoin mining with traditional industries.
Main Methods:
- Defined Mining Domestic Production (MDP) to quantify Bitcoin mining output.
- Calculated carbon emission per unit output value for Bitcoin mining in China.
- Compared Bitcoin mining's carbon intensity with three traditional industries.
Main Results:
- Bitcoin mining's carbon emission per unit output is not consistently the highest compared to traditional industries.
- The study provides a new perspective on the profitability and efficiency of Bitcoin mining relative to its carbon emissions.
- Bitcoin mining may offer developing nations opportunities for electrical capacity development and revenue generation.
Conclusions:
- Bitcoin mining's environmental impact varies and should be compared using metrics like carbon intensity per unit of production.
- The economic benefits of Bitcoin mining, especially for developing countries, warrant further consideration.
- A nuanced view is needed, moving beyond simple energy consumption figures to assess Bitcoin mining's true value and impact.
Keywords:
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