A recent study conducted by the United Nations has raised concerns about the possible impact of Bitcoin (BTC) on the overall environment.
According to the study results published by the United Nations University and Earth’s Future, although Bitcoin ranks as the most popular cryptocurrency, it carries ‘concerning impacts on climate, water, and land’ stemming from its mining activity.
“The surge in the crypto market is comparable to the gold rush. Yet, this exciting market has a hidden dark side. Mining cryptocurrencies can have major environmental impacts on climate, water, and land,” the research said.
Breakdown of Bitcoin energy consumption
The study examined the activities of 76 Bitcoin mining nations during the 2020–2021 period. During this timeframe, the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity, placing it 27th in the world if it were considered a country, ahead of populous nations like Pakistan.
This energy consumption resulted
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