Scientists from Tsinghua University and the Chinese Academy of Sciences have conducted a study on the impact of cryptocurrency mining on carbon emissions and found that Bitcoin mining in China will lead to annual carbon emissions of 130 million tons by 2024.
In the course of their work, the authors studied the emission flows from bitcoin mining in China using simulation modeling. The authors found that annual energy consumption by miners in China will peak in 2024 at 296.59 TWh and carbon dioxide emissions will be 130.5 million metric tons.
To generate such a volume of electricity, it will be necessary to burn such an amount of fossil fuels that will emit 130.5 million tons of carbon into the atmosphere. This is comparable to emissions from the Czech Republic and Qatar combined.
The authors note that as of April 2020, China accounted for 78.89% of global blockchain transactions.
It is noted that earlier China planned to reduce greenhouse gas emissions to zero by 2060.
The authors propose to restructure electricity consumption with the transfer of cryptocurrency mining to a share or completely to “green” energy, but the introduction of taxes on emissions is not enough to reduce them.