- Heat patterns will become deadly by 2047 and Bitcoin could be a contributing factor
- Bitcoin is not mainstream yet, but the side effects are imminent
Research indicates that immense computational energy involved in mining new bitcoin would produce enough carbon dioxide to put the planet at risk of global warming by 2 degrees Celsius within 25 years, as reported by Bloomberg on 30th October 2018.
A Global Problem
The report arises after Camilo Mora, an associate professor at the University of Hawaii published an analysis he authored ‘Nature Climate Change.’ Mora used large data sets in his research to tackle outlying issues yet to come. He has put focus on how climate change is prone to heat changes which will become deadly by 2047.
Mora believes crypto activities (mining) would contribute heavily to this effect especially if bitcoin becomes the transactional currency on a global scale. The professor added,
“If this takes off it will be something that we will not be able to control.”
Details of the Analysis
In the analysis publication, Randi Rollins – a Ph.D. student who studies the impact of climate change, specified that there intention is not to predict the future of Bitcoin but merely to evaluate the aftermath of its success;
“This type of analysis should be performed when any new technology is under development,” Rollins said. She went on and added, “Being aware of the consequences of future technology development could go a long way in reducing emissions and preventing further damage to the environment.”
In 2017, the cashless transactions encompassing Bitcoin technology were 0.033% of the total 314 billion worldwide. If more people embrace this crypto tech similar to the revolution of dishwasher or electricity, bitcoin would be at par with all the other cashless transactions in 100 years and end up consuming the remaining earth’s carbon budget in less than three decades.
Bitcoin may not be as popular as dishwashers, but we can’t dispute the fact that it’s on the rise. According to Blockchain.com, the number of users with Bitcoin wallets is currently 30 million. That’s around 10 million more than last year’s December.
The analysis may be far-off, but it is true crypto tech consumes a lot of energy. It was not too long ago, when a Chinese man was caught stealing electricity from a railway operator for his bitcoin mining operations.
Approximately three-quarters of bitcoin mining activities happen in China thus early this year the government began to monitor the power used in digital currency.