US Research: Bitcoin is Not Getting Greener, on the Contrary
Bitcoin is sometimes called the new digital gold, but digital oil would be a better term to describe its environmental impact, according to a study in Scientific Reports.
According to that research, Bitcoin's ecological footprint has increased significantly since 2016. Unfortunately, the coin sometimes creates more damage than it is worth.
Bitcoin's climate damage averaged 35 percent of its market value between 2016 and 2021. That is a lot more than that of gold (4 percent). On the other hand, it is closer to that of gasoline from oil (41 percent), electricity from natural gas (46 percent) or beef (33 percent).
The damage to the environment and climate is so great that it sometimes exceeds the currency's value. "We find several cases between 2016-2021 where Bitcoin is more dam...