Among the arguments against Bitcoin, that of the energy consumption of its mining often returns to the carpet. But a CoinShares report breaks this myth by showing that the energy used comes mainly from renewable sources. The correlation between bitcoin mining and renewable energy would make bitcoin mining more “renewable” than almost any other major industry in the world. There is currently little evidence to suggest that Bitcoin contributes directly to climate change. Even assuming that Bitcoin mines were exclusively coal-powered – a very unrealistic scenario given that a considerable number of plants operate exclusively from renewable sources – total carbon dioxide emissions would not exceed 58 million tons of CO2, which corresponds to approximately 0.17% of total global emissions. This does not mean that environmental concerns about Bitcoin’s electricity consumption should be ignored. However, the current figures should be put into perspective: the available data show that even in the worst case scenario, Bitcoin’s environmental footprint remains at best marginal.
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