{ "id": 287654, "title": "Carbon footprint of cryptocurrencies", "url": "/competitions/g-research-crypto-forecasting/discussion/287654", "author_name": "something4kag", "post_date": "2021-11-15T05:17:39.246000", "votes": 5, "comment_count": 0, "views": 0, "content": "

COP26 outcomes may impact crypto-trading. How that could be incorporated into models here might be a consideration in this competition as the timeline goes on. Just putting some info here if of interest. And an example would be how markets responded to a tweet Tesla would no longer accept Bitcoin due to the environmental impacts.

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1 Bitcoin, the most widely-known cryptocurrency network, uses 121 Terawatt-hours of electricity every year, the BBC reported in 2021 —more than the entire country of Argentina. According to Digiconomist,a cryptocurrency analytics site, the Ethereum network uses as much power as the entire nation of Qatar.

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2 Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China: The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42 industrial sectors in China.

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3 Now, a new study has calculated the scale of the new forests required to offset the massive carbon footprints of Bitcoin, Ethereum, and a number of other cryptocurrencies.
\nThe source is Forex Suggest, a South Africa–based site that provides education on trading and financial markets.

", "messages": [ { "id": 1582628, "postDate": "2021-11-15T05:17:39.247Z", "content": "

COP26 outcomes may impact crypto-trading. How that could be incorporated into models here might be a consideration in this competition as the timeline goes on. Just putting some info here if of interest. And an example would be how markets responded to a tweet Tesla would no longer accept Bitcoin due to the environmental impacts.

\n

1 Bitcoin, the most widely-known cryptocurrency network, uses 121 Terawatt-hours of electricity every year, the BBC reported in 2021 —more than the entire country of Argentina. According to Digiconomist,a cryptocurrency analytics site, the Ethereum network uses as much power as the entire nation of Qatar.

\n

2 Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China: The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42 industrial sectors in China.

\n

3 Now, a new study has calculated the scale of the new forests required to offset the massive carbon footprints of Bitcoin, Ethereum, and a number of other cryptocurrencies.
\nThe source is Forex Suggest, a South Africa–based site that provides education on trading and financial markets.

", "rawMarkdown": "COP26 outcomes may impact crypto-trading. How that could be incorporated into models here might be a consideration in this competition as the timeline goes on. Just putting some info here if of interest. And an example would be how markets responded to a tweet Tesla would no longer accept Bitcoin due to the environmental impacts.\n\n[1](https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/) Bitcoin, the most widely-known cryptocurrency network, uses 121 Terawatt-hours of electricity every year, [the BBC reported in 2021](https://www.bbc.com/news/technology-56012952) —more than the entire country of Argentina. [According to Digiconomist,](https://digiconomist.net/ethereum-energy-consumption/)a cryptocurrency analytics site, the Ethereum network uses as much power as the entire nation of Qatar.\n\n[2](https://www.nature.com/articles/s41467-021-22256-3) Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China: The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42 industrial sectors in China. \n\n[3](https://fortune.com/2021/11/06/offsetting-bitcoins-carbon-footprint-would-require-planting-300-million-new-trees/) Now, a new study has calculated the scale of the new forests required to offset the massive carbon footprints of Bitcoin, Ethereum, and a number of other cryptocurrencies. \n[The source is Forex Suggest,](https://forexsuggest.com/global-impact-of-crypto-trading/) a South Africa–based site that provides education on trading and financial markets.", "votes": 5 } ], "comments": [], "raw_markdown_by_id": { "1582628": "COP26 outcomes may impact crypto-trading. How that could be incorporated into models here might be a consideration in this competition as the timeline goes on. Just putting some info here if of interest. And an example would be how markets responded to a tweet Tesla would no longer accept Bitcoin due to the environmental impacts.\n\n[1](https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/) Bitcoin, the most widely-known cryptocurrency network, uses 121 Terawatt-hours of electricity every year, [the BBC reported in 2021](https://www.bbc.com/news/technology-56012952) —more than the entire country of Argentina. [According to Digiconomist,](https://digiconomist.net/ethereum-energy-consumption/)a cryptocurrency analytics site, the Ethereum network uses as much power as the entire nation of Qatar.\n\n[2](https://www.nature.com/articles/s41467-021-22256-3) Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China: The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42 industrial sectors in China. \n\n[3](https://fortune.com/2021/11/06/offsetting-bitcoins-carbon-footprint-would-require-planting-300-million-new-trees/) Now, a new study has calculated the scale of the new forests required to offset the massive carbon footprints of Bitcoin, Ethereum, and a number of other cryptocurrencies. \n[The source is Forex Suggest,](https://forexsuggest.com/global-impact-of-crypto-trading/) a South Africa–based site that provides education on trading and financial markets." } }