To explain this in a comparative way, the report used the amount of carbon contribution recorded from China and the US, with large industrialized countries such as the United States and China emitting 5,830Mt and 11,580Mt of CO2 respectively in 2016 “
The study comes at a time when countries like India, Russia and the US are analyzing the crypto sector in every possible way to introduce regulatory framework.
Mining bitcoin requires complex proof-of-work algorithms to be solved on advanced computers. These machines always have to be plugged into an electrical source, due to which the mining process consumes a lot of electricity. Experts have long associated this process of bitcoin mining with heavy carbon emitters.
About 60 percent of bitcoin mining activity runs on fossil fuel.
The CoinShares study further argues that while carbon emissions are being attributed to crypto mining, the CO2 generated in the production of traditional valuable products is not coming under scrutiny.
Emissions due to minting and printing of physical (fiat) currency are estimated to be around 8Mt per year and the gold industry generates between 100 and 145Mt of CO2 emissions annually.
The results of this report are very similar to those of American businessman Michael Saylor, who owns business intelligence firm MicroStrategy.
Speaking at a briefing at the Bitcoin Mining Council (BMC) last month, Sayer called BTC mining’s carbon emissions a “rounding error.”
Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. https://t.co/EHgLZ9zvDK
— Michael Saylor⚡️ (@saylor) May 24, 2021
He also defended Bitcoin against Elon Musk. Notably, Musk has long been critical of bitcoin, citing environmental concerns.<!–
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