bitcoin

Bitcoin is Bad for the Environment

CARBON EMISSIONS

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Elizabeth Kolbert writes in the New Yorker: “According to the Cambridge Bitcoin Electricity Consumption Index, bitcoin-mining operations worldwide now use energy at the rate of nearly a hundred and twenty terawatt-hours per year. This is about the annual domestic electricity consumption of the entire nation of Sweden. According to the Web site Digiconomist, a single bitcoin transaction uses the same amount of power that the average American household consumes in a month, and is responsible for roughly a million times more carbon emissions than a single Visa transaction. 

Learn more: Why Bitcoin Is Bad for the Environment